The Nigerian National Petroleum Company Limited (NNPCL) has implemented another reduction in the pump price of petrol at its retail outlets in Abuja, lowering the cost to N965 per litre.
This adjustment comes shortly after a previous decrease from N1,060 to N1,030 per litre earlier this month.
This marks the second time in two weeks that the state-owned oil company has revised petrol prices downward, signaling efforts to make fuel more affordable for consumers amid ongoing economic challenges.
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The new price was observed across NNPC’s outlets in the Federal Capital Territory, and customers have already begun to enjoy the reduced rate.
Dangote Refinery Ltd led the price cut when it partnered MRS filling stations nationwide, December 21, 2024 to offer fuel at N935/litre as part of Christmas give away.
Many residents have expressed relief at the development, as fuel costs have been a significant concern for households and businesses alike.
While no official explanation has been provided for the price adjustment, it is speculated that recent changes in market dynamics and competitive pricing strategies could have influenced the decision.
