The Nigerian National Petroleum Company Limited has reduced the pump price of Premium Motor Spirit, popularly known as petrol, from N1,395 to N1,370 per litre at some of its filling stations in Abuja.
A market survey on Wednesday morning showed that NNPCL outlets in Wuse Zone 6, Zone 4 and Air Junction had adjusted their pump prices to N1,370 per litre.
The latest adjustment represents a N25 reduction per litre by the state-owned oil company.
The development comes two days after MRS filling stations reduced their petrol price to N1,370 per litre following a N25 cut in the gantry price of petrol by Dangote Refinery.
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Dangote Refinery had reduced its gantry price from N1,350 to N1,325 per litre, prompting some petroleum retailers to adjust their pump prices.
The latest NNPCL reduction also comes amid movements in global crude oil prices. At the time of filing, Brent crude was trading at about $103 per barrel, while West Texas Intermediate stood at around $90 per barrel.
However, the N1,370 per litre price was observed at selected NNPCL outlets in Abuja, and pump prices may vary across locations.
