The Nigerian National Petroleum Company (NNPC) Limited has slashed the pump price of petrol at its retail outlets in Abuja, bringing it down to ₦965 per litre from the previous ₦1,030 per litre.
This reduction marks the second price cut in two weeks, as the national oil company intensifies competition with the newly operational Dangote Refinery.
Visits to NNPC retail outlets in Abuja’s Central Area and the Nyanya suburb on Sunday confirmed that the revised rates are now effective, much to the relief of motorists and commercial drivers who had been grappling with high fuel costs.
A Welcome Adjustment
The latest price adjustment has been met with a mixture of relief and cautious optimism among motorists. Many believe the reduction is a reflection of ongoing economic reforms under President Bola Tinubu’s administration and hope it will lead to further decreases in fuel prices.
Adamu Shuaibu, a commercial driver plying the busy Nyanya-Zuba route, said he first noticed the change on Saturday. “The government is trying, but they should do more,” he remarked. “The price should return to ₦530 per litre so that the cost of other goods can decrease too.”
Similarly, Taofeek Adetunji, a private car owner, expressed satisfaction with the development.
Linking the reduction to President Tinubu’s reforms, he said, “When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”
Competing Market Forces
The recent adjustments by NNPC come amid intensified competition with Dangote Refinery, which has begun introducing its products into the market.
Just two weeks ago, the national oil company reduced the price of petrol from ₦1,060 to ₦1,030 per litre, signaling its commitment to adjusting to market dynamics.
Industry analysts suggest the rivalry between NNPC and private refiners could lead to sustained price reductions, ultimately benefiting consumers.
However, they caution that external factors, such as global crude oil prices and foreign exchange rates, may still influence pump prices in the coming months.
Broader Economic Implications
Motorists and analysts alike hope the petrol price reduction will trigger a ripple effect on the economy, particularly in the transportation and goods sectors.
High fuel prices in recent months have contributed to increased living costs, as transportation expenses have soared, driving up the prices of essential goods and services.
Speaking on the potential impact of the reduction, Adetunji expressed hope that lower petrol prices would soon translate into reduced costs across various sectors.
“Petrol is crucial to the economy,” he said. “This reduction will hopefully ease the financial burden on everyone.”
Calls for Sustained Efforts
Despite the progress, many Nigerians continue to call on the Federal Government to do more to make petrol affordable.
Shuaibu and Adetunji urged authorities to sustain the momentum, emphasizing the importance of affordable energy in stabilizing the economy and improving the quality of life for citizens.
As the new petrol prices take effect, the spotlight remains on NNPC and the government’s ability to maintain and deepen the gains achieved thus far.
For now, motorists are cautiously optimistic, hoping this marks the beginning of a sustained downward trend in fuel costs.
