NNPCL Reduces Petrol Price to N1,260 per Liter Again

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of premium motor spirit (petrol) to N1,260 per liter, down from N1,310 per liter, marking the second price cut within four days. This latest adjustment is attributed to a decline in global crude oil prices and aims to ease fuel costs for motorists.

The price reduction reflects increased competition in Nigeria's deregulated downstream petroleum sector. Market surveys indicate that NNPCL filling stations in Abuja, particularly at Airport Junction and Wuse Zone 6, have adjusted their prices accordingly.

The recent cut follows a similar reduction by Dangote Refinery, which lowered its ex-depot price to N1,125 per liter. Analysts suggest that further reductions may be possible if global oil prices stabilize and supply conditions improve.

The current trading price for West Texas Intermediate (WTI) crude is around $69 per barrel, while Brent crude, Nigeria's oil export benchmark, is approximately $71 per barrel.