Barely 48 hours after raising the pump price of petrol to N955 per litre, the Nigerian National Petroleum Company Limited (NNPC Ltd.) has reduced the price to N900 per litre at its retail stations.
Findings by The PUNCH on Wednesday showed that NNPC outlets, including those along the Kubwa Expressway in Abuja, had already adjusted their pump prices in line with the new directive.
The N55 price cut comes shortly after the state-owned oil firm cited market volatility as the reason for the earlier hike from N865 to N955 per litre in the FCT and N915 per litre in Lagos.
“This morning, we started selling at N900 per litre, down from N955,” a fuel attendant at an NNPC station in Kubwa said under anonymity.
The latest adjustment reflects the unpredictable nature of the downstream oil sector, where fluctuations in ex-depot prices continue to impact retail pricing.
Beyond NNPC retail outlets, some independent marketers have also begun reviewing their pump prices, contributing to pricing inconsistencies across different regions.
The development raises fresh concerns over fuel pricing transparency, supply chain stability, and the effectiveness of market deregulation in Nigeria’s oil sector.
