By Marcus Nkire
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS) at its retail outlets to N900 per litre, just two days after an earlier increase to N955.
According to The New Outlook News, the revised price was implemented on Wednesday morning across various NNPCL stations in Abuja, including those located at Gwarimpa, Kubwa Expressway, Wuse Zone 6, and Wuse Zone 4.
An attendant at one of the NNPCL outlets, who spoke on the condition of anonymity, confirmed the price change, saying:
“On Tuesday we sold fuel at N955 per litre, but it is now N900.”
The N55 reduction comes shortly after Monday’s hike, signaling a rapid shift in pricing strategy by the state-owned oil company.
Beyond NNPCL outlets, other retail stations have also begun adjusting prices. Ranoil and Empire Energy stations in Gwarimpa have lowered their prices to N955 and N950 per litre, respectively, from previous highs of N971 and N970.
However, not all outlets have followed suit. A manager at an MRS station in Abuja told The New Outlook News that their price remains unchanged at N885 per litre, consistent with reports from earlier in the week.
Industry analysts attribute the recent volatility in pump prices to fluctuations in ex-depot costs, particularly those linked to the Dangote Refinery and other key depots supplying petroleum products to the domestic market.
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