The Digest:
The Nigerian National Petroleum Company Limited (NNPCL) and several major retail outlets have implemented a further reduction in the pump price of Premium Motor Spirit (PMS). This marks the latest in a series of adjustments over recent weeks, bringing marginal relief to consumers.
Key Points:
- NNPCL retail outlets in parts of Abuja have reduced their price to ₦915 per litre, down from ₦920.
- MRS and BOVAS stations were observed selling at ₦910 per litre, a notable drop from previous rates as high as ₦945.
- Other marketers, including AYM Shafa, NIPCO, and Mobil, are dispensing fuel between ₦920 and ₦937 per litre in the capital.
- The reductions follow decreases in the ex-depot price from major suppliers, with Dangote Refinery at ₦824.50, Eterna at ₦823, Aiteo at ₦823, and BOVAS at ₦822.
- This is the second price adjustment by NNPCL in two weeks, cumulatively bringing prices down by approximately ₦30 from a recent high of ₦945.
- The trend reflects slight improvements in downstream supply dynamics and stabilization efforts.
- Despite the reductions, prices remain volatile and significantly higher than pre-2023 rates, continuing to impact transportation and production costs.
Sources: Daily Post, Business Post
