NNPCL’s price drop offers little relief to commuters — Here’s why

Femi Fabunmi 

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of petrol (also called Premium Motor Spirit) to ₦890 per litre. This is the second price slash in less than a week.

The new price was seen on Wednesday, July 23, at several NNPCL petrol stations in Abuja. It is ₦5 less than the previous price of ₦895 per litre.

Many petrol stations in areas like Kubwa Expressway, Gwarimpa, and Wuse Zone 4 updated their prices early Wednesday morning.

This price cut comes soon after the last one, and it may be because of changes in how fuel is supplied and delivered in Nigeria.

While NNPCL sells petrol at ₦890 per litre, some other sellers linked to Dangote Petroleum Refinery, like AP Ardova, Optima, MRS, and Bovas, sell it a little cheaper at about ₦885 per litre. Experts say this is because the Dangote Refinery may be more efficient in supply.

The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, explained that fuel prices will keep changing because the market is now free, and prices depend on things like global oil prices, exchange rates, and supply and demand.

Even with the price drop, many drivers say it hasn’t made much difference to transport costs, and fuel is still expensive.

People in the industry are asking the government to help strengthen the naira and support local refineries to make fuel prices more stable in the future.