The Nigerian National Petroleum Company Limited (NNPC) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦910 per litre at its retail stations in Abuja, marking a significant ₦35 drop from the previous ₦945 per litre.
PLATFORM TIMES gathered on Sunday that the price slash was observed across several outlets in the nation’s capital, with some stations along Lugbe and Airport Road selling petrol at ₦935 per litre.
This development comes on the heels of falling international crude oil prices. Brent crude, the global benchmark, dipped to $68.30 per barrel as of June 4, triggering a ripple effect in local pricing mechanisms.
In a related move, Dangote Petroleum Refinery on July 1, also announced a downward adjustment of its ex-depot petrol price to ₦840 per litre, reflecting ongoing shifts in the global oil market and domestic supply conditions.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has announced plans to convene a stakeholders’ forum to deliberate on a structured petrol pricing framework.
The event, scheduled for July 23 and 24, will bring together marketers, refiners, operators, and government agencies to develop guidelines aimed at stabilising the deregulated downstream market.
Speaking on the planned summit, Francis Ogaree, Executive Director for Hydrocarbon Processing Plants at NMDPRA, said the forum will address pricing standards, supply concerns, and feedstock availability.
While the reduction offers a measure of relief to Abuja residents battling rising living costs, petrol prices in other parts of the country, especially in remote areas, remain significantly higher — highlighting the persisting issues of distribution inequality and logistic challenges.
The new pricing comes amid public calls for transparency in the petroleum sector and growing concerns over the federal government’s silence on subsidy claims following last year’s deregulation pronouncement.
As Nigerians await clarity on the future of fuel pricing, industry analysts say further adjustments may hinge on the outcome of the upcoming NMDPRA summit and global oil market trends.
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