NNPCL Slashes Petrol Pump Price to N1,405 in Abuja, Dangote Refinery Cuts Gantry Rate

NNPCL Slashes Petrol Pump Price to N1,405 in Abuja, Dangote Refinery Cuts Gantry Rate

Abuja — The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in the Federal Capital Territory (FCT), Abuja.

A market survey conducted on Sunday revealed that NNPCL filling stations in key areas such as Gwarimpa and Kubwa have adjusted their prices downward to N1,405 per litre, a reduction from the previous rate of N1,430 per litre.

However, the survey indicated a slight variation in pricing across different NNPCL outlets within the capital city. While the Gwarimpa and Kubwa stations are selling at N1,405, other outlets located along the Kubwa Expressway, Air Junction, as well as those in Wuse Zones 4 and 5, are offering the product at a lower rate of N1,395 per litre.

The latest price adjustment by the national oil company follows a significant reduction in the gantry price of petrol by the Dangote Refinery. Reports indicate that the refinery recently slashed its gantry price by N25, bringing the rate down to N1,325 per litre.

The reduction in pump prices is expected to bring slight relief to motorists and commuters in Abuja, who have had to grapple with high transportation costs fueled by elevated fuel prices in recent months.

Industry observers note that the ongoing price adjustments reflect the dynamics of the deregulated downstream sector, where market forces and refinery gate prices influence retail costs. It remains to be seen if other major marketers and independent oil marketers will follow suit with similar price reductions in the coming days.

Motorists in Abuja have welcomed the development, expressing hope that the downward trend in fuel prices will be sustained across the country and ultimately lead to a reduction in the overall cost of living.