The Nigerian National Petroleum Company Limited has reduced petrol prices at its retail outlets just 48 hours after implementing a significant price increase, offering some relief to Nigerian consumers grappling with fuel cost volatility.
As of Wednesday morning, NNPCL stations across Abuja have lowered their pump prices from ₦955 to ₦900 per litre, representing a ₦55 reduction following Monday’s controversial price hike. The price adjustment has been confirmed at multiple locations including outlets in Gwarinpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4.
“On Tuesday, we sold fuel at ₦955 per litre, but it is now ₦900,” confirmed a fuel attendant at one of the NNPCL outlets in Abuja, speaking anonymously to Daily Post.
The rapid price reversal comes after widespread public outcry over the Monday increase that had pushed petrol costs to nearly ₦1,000 per litre at many stations, placing additional financial pressure on consumers already struggling with high living costs.
Independent marketers have also begun adjusting their prices, though their reductions have been more modest compared to NNPCL’s substantial cut. Ranoil stations in Gwarinpa now sell petrol at ₦955 per litre, down from ₦971, while Empire Energy has reduced its price to ₦950 from ₦970.
However, pricing variations persist across different fuel retailers. MRS filling stations have maintained their pump price at ₦885 per litre, a rate that was initially reported earlier in the week and now appears competitive following the recent market adjustments.
The initial price increase had been attributed to rising ex-depot prices, particularly from Dangote Refinery and other private depots, which had forced retailers to adjust their pump prices upward to maintain profit margins.
While NNPCL’s decision to reduce prices provides immediate relief for consumers in Abuja, uncertainty remains about whether this downward trend will extend to filling stations across other parts of the country. Many Nigerians continue to express frustration over the persistent instability in fuel pricing, which directly impacts transportation costs and overall living expenses nationwide.
The volatile pricing pattern highlights ongoing challenges in Nigeria’s petroleum sector, where consumers frequently experience sudden price fluctuations that strain household budgets and business operations. Transportation costs, which are closely tied to fuel prices, have become a significant concern for millions of Nigerians who rely on public and private transport for daily commuting.
Industry observers are monitoring whether other major marketers will follow NNPCL’s lead in reducing prices or if the current price variations will persist, creating an uneven market landscape for consumers across different locations and fuel retailers.
