The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of petrol at its retail outlets in Abuja amid recent volatility in global oil prices.
According to reports confirmed by The Cable, NNPC stations across the Federal Capital Territory are now dispensing Premium Motor Spirit (PMS) for as low as ₦910 per litre, a drop of ₦35 from the previous rate of ₦945 per litre.
The price reduction also aligns with a broader market trend that has seen other retail stations in Abuja adjust prices to about ₦935 per litre, particularly along Lugbe and Airport Road.
The development comes on the back of sustained weakness in the international oil market with Brent crude trading at $68.30 per barrel as of July 4th, 2025. This represents a decline that has impacted the cost dynamics of refined petroleum products in the domestic market.
In a related move, Dangote Petroleum Refinery announced on July 1st that it had cut its wholesale petrol price to ₦840 per litre, a decision that has influenced downstream market operators to adjust pump prices accordingly.
In response to the price shifts and to address persisting supply and pricing concerns, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has disclosed plans to convene a stakeholder summit later this month.
Speaking on July 5th, Francis Ogaree, an executive at the NMDPRA, confirmed that the agency will meet with marketers, refiners and key industry players on July 23rd and 24th to establish clear guidelines for petrol pricing in the deregulated market.
The summit will also focus on raw material sourcing and measures to enhance market stability, as the industry grapples with fluctuating crude benchmarks and domestic supply constraints.
Industry analysts have described the latest reductions as a modest relief for consumers already burdened by broader economic pressures.
However, they caution that sustained stability in domestic pump prices will depend on longer-term strategies for refining capacity, forex availability, and consistent supply chains.
The NNPC’s adjustment signals a willingness to align local pump prices more closely with global market realities, especially as the Dangote Refinery ramps up domestic supply with its phased production rollouts.
Stakeholders are watching developments closely ahead of the pricing summit, which is expected to outline a transparent framework that balances market-driven pricing with consumer protection in Nigeria’s deregulated downstream sector.
