The Digest:
The Nigerian National Petroleum Company (NNPC) has reduced Premium Motor Spirit (PMS) prices to ₦910 per litre, marking a ₦35 decrease from previous rates. The adjustment follows similar cuts by Dangote Refinery and independent marketers, signaling potential relief for consumers amid fluctuating global oil markets.
Key Points
- New NNPC Rate: ₦910/litre (down from ₦945) at major Abuja outlets including Kubwa Expressway and Wuse Zone 4.
- Dangote’s Lead: Earlier reduced ex-depot price to ₦840/litre (from ₦880), per spokesperson Anthony Chiejina.
- Market Trend: Independent marketers adjusted prices to ₦930–₦940/litre in Abuja and ₦890/litre in Lagos.
- Global Context: Price drops linked to declining crude oil costs amid eased tensions from the Israel-Iran conflict and U.S. geopolitical actions.
- Consumer Impact: Potential relief for households and businesses grappling with high fuel costs.
As global oil winds shift, Nigeria’s fuel pricing storms reveal both opportunity and fragility. Rooted in the Storm.
Sources: Nigerian Tribune
