Ayo Marvel 
The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of premium motor spirit, commonly known as petrol, at its retail outlets.
According to findings on Saturday, NNPCL filling stations in Abuja have slashed their pump price to N910 per litre, down from the previous price of N945 per litre. This represents a N35 reduction per litre.
The new price was observed at several NNPCL stations across the city, including those located in Zone 6, Kubwa Expressway, and Wuse Zone 4, among others. Motorists in these areas expressed relief at the reduction, noting that it will slightly ease their daily transportation expenses, especially with the current high cost of living in the country.
This development comes just four days after Dangote Refinery reduced its petrol ex-depot price from N880 per litre to N840 per litre, following a recent decline in global crude oil prices. The refinery’s decision is believed to have influenced the new pricing trend in the downstream sector.
In addition, members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have also reduced their pump prices. In Abuja, petrol is now sold at between N930 and N940 per litre, down from previous prices of N945 and N975 per litre. In Lagos State, the price has similarly dropped to N890 per litre, compared to the earlier N925 per litre.
Many Nigerians have been struggling with the rising cost of petrol since the removal of fuel subsidy last year. Although this latest price reduction offers some relief, experts say it is still far from the pre-subsidy removal prices that Nigerians were used to.
Motorists and transporters are now hoping that further reductions will follow if global crude oil prices continue to fall in the coming weeks.
Recall that Oil prices went up during the Israel- Iran war that lasted for two weeks.
Emmanuel Femi Adedayo 
Ademola Busayo 
