Barely 48 hours after raising its pump price, the Nigerian National Petroleum Company Limited (NNPC Ltd) has reduced the cost of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets from N955 to N900 per litre.
Investigations on Wednesday confirmed that several NNPC stations, including those along the Kubwa Expressway and other parts of Abuja, had already implemented the new pricing.
The N55 price slash follows a recent increase on Monday, when NNPC raised prices to N955 per litre in Abuja and N915 in Lagos, citing volatility in ex-depot prices as the main driver. The quick reversal highlights the unstable dynamics of Nigeria’s deregulated downstream petroleum market, where pump prices are heavily influenced by fluctuating depot-level rates.
An attendant at an NNPC outlet in Kubwa, who spoke on condition of anonymity, confirmed the new price, saying, “On Tuesday, we sold fuel at N955 per litre, but it is now N900.”
Independent marketers are also adjusting their pump prices in response to the changing market. At Ranoil and Empire Energy stations in Gwarinpa, petrol was being sold at N955 and N950 per litre, down slightly from earlier prices of N971 and N970. However, not all marketers have followed suit. An MRS station in Abuja reportedly maintained its earlier rate of N885 per litre.
The recent volatility in pump prices is linked to changes in ex-depot rates, particularly at the Dangote Refinery and other private depots. In the deregulated market, depot pricing has become a critical factor in determining retail prices.
Market data from petroleumprice.ng showed that private depots such as Zone 4 and Mainland reduced their ex-depot prices by N2 per litre, now selling at N860 and N862, respectively — a marginal 0.23% decrease.
Other major depots, including MENJ, Aiteo, Sahara, MRS Tincan, A.A. Rano, and Pinnacle, have largely maintained their rates at around N860–N861 per litre.
As petrol prices remain unstable, stakeholders have continued to call for enhanced regulatory oversight. Industry experts are urging agencies to step up market monitoring to ensure transparency and fairness across the fuel supply chain, especially as Nigerians grapple with the economic implications of price swings.
