The Nigerian National Petroleum Company Limited (NNPCL) has implemented another reduction in the pump price of petrol at its retail outlets in Abuja, bringing the price down to N965 per litre from the previous N1,030 per litre.
This marks the second price cut within two weeks, following an earlier reduction from N1,060 to N1,030 per litre, reportedly influenced by increasing competition from the Dangote Refinery.
Motorists and commuters in the Federal Capital Territory have welcomed the price adjustment, describing it as a step in the right direction. However, many have expressed the hope for further decreases to ease economic pressures.
A commercial driver on the Nyanya-Zuba route noted that while the reduction is commendable, a return to the N530 per litre price range would significantly reduce the cost of transportation and other goods.
“I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too,” he said.
Similarly, a private car owner attributed the development to President Bola Tinubu’s ongoing economic reforms, expressing optimism about further price reductions and their potential to positively impact the economy.
“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services,” he remarked.
The price adjustment by NNPCL signals continued market shifts as domestic refiners and policymakers aim to balance affordability with economic sustainability.
