The Nigerian National Petroleum Company Limited (NNPCL) has adjusted its fuel pump prices downward for the second instance in a span of four days. Observations at NNPCL filling stations located at Airport Junction and Wuse Zone 6 in Abuja revealed that petrol is now retailing at N1210 per litre, marking a reduction of N50 from the previous rate of N1260.
This development follows a recent move by the Dangote Refinery, which also decreased its gantry price by N50 to settle at N1,125 per litre just two days prior. Earlier, NNPCL had implemented a N75 per litre reduction, bringing the cost to N1260. Current market rates in the Abuja region now range between N1210 and N1305 per litre.
These price adjustments occur against a backdrop of declining global crude oil values, with West Texas Intermediate at $69 per barrel and Brent crude at $71 per barrel, supported by a cooling of tensions in the Middle East. Despite public calls for domestic fuel costs to align with the drop in international oil prices, the administration of President Bola Tinubu has not yet issued a formal statement on the matter.
