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The Digest:

The Nigerian National Petroleum Company Limited has reduced its pump price to ₦930 per litre, following price cuts by Dangote Refinery and major depot owners. This adjustment, echoing the subtle currents of market change, signals a potential new phase in the nation’s fuel pricing dynamics.

Key Points:
  • NNPCL reduced its pump price from ₦945 to ₦930 per litre in Abuja and environs.
  • The reduction follows ex-depot price cuts by Dangote Refinery, Pinnacle, and Aiteo.
  • Dangote and other depots now sell to marketers at between ₦844 and ₦846 per litre.
  • Other marketers like Ranoil, MRS, and Ardova have also reduced prices to ₦935.
  • IPMAN had earlier predicted further price drops as a "petrol price war" intensifies.
  • The reduction is the second notable price decline in the fuel market in recent weeks.
  • Market competition appears to be driving the gradual price reduction trend.
This ripple of relief at the pumps reflects how market forces, once set in motion, can begin to reshape even the most entrenched economic realities.

Sources: Daily Post, Business Day