The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, popularly known as petrol, for the second time within four days, lowering the cost to N1,210 per litre at some of its retail outlets.
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A market check in Abuja on Saturday showed that NNPCL filling stations around Airport Junction and Wuse Zone 6, popularly known as Berger, adjusted the price from N1,260 to N1,210 per litre, representing a N50 reduction.
The latest adjustment followed another price review carried out earlier this week when the state-owned oil company cut the pump price by N75 per litre, reducing it to N1,260.
The development also comes shortly after the Dangote Refinery announced a N50 reduction in its ex-depot petrol price, bringing the gantry rate down to N1,125 per litre, a move that has continued to influence market pricing.
With the fresh reduction, petrol now sells between N1,210 and N1,305 per litre across various filling stations in Abuja and neighbouring areas, depending on the marketer.
The downward review coincides with a decline in global crude oil prices following reduced tensions in the Middle East.
Brent crude traded at about $71 per barrel, while West Texas Intermediate hovered around $69 per barrel.
The falling international oil prices have renewed calls from Nigerians for a corresponding reduction in domestic fuel prices.
However, the Federal Government has yet to officially respond to the growing demand for further cuts at filling stations.
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