Motorists across the Federal Capital Territory are experiencing a modest reprieve at the pumps as the Nigerian National Petroleum Company Limited (NNPCL) has officially reduced the price of Premium Motor Spirit (PMS) for the second time in four days.

Checks at major NNPCL retail outlets in Abuja, including those at Airport Junction and Wuse Zone 6 (Berger), confirm that the price of petrol has been adjusted downward to N1,210 per litre, a significant cut from the previous rate of N1,260. This latest downward revision, amounting to N50 per litre, follows a similar adjustment by the state-owned oil firm just four days ago, when prices were lowered by N75 per litre.

The price adjustment comes on the heels of a parallel reduction by the Dangote Refinery, which recently slashed its ex-gantry price by N50 to N1,125 per litre. The current domestic price trend is largely driven by the softening of international crude oil prices, which have retreated to approximately $69 per barrel for West Texas Intermediate and $71 per barrel for Brent crude. Analysts attribute this global market shift to the easing of geopolitical tensions in the Middle East, which has significantly lowered supply-side risks and energy costs worldwide.

Despite these consecutive reductions, a wide price disparity remains across the capital, with pump prices currently fluctuating between N1,210 and N1,305 per litre depending on the location and retail outlet. The ongoing adjustments have sparked mixed reactions among citizens. While commuters acknowledge the downward trajectory, many continue to express frustration over the pace of the decline, arguing that the pump price does not yet fully reflect the sharp reduction in global crude costs.

As pressure mounts from the public and organized groups for a more aggressive reduction in domestic fuel prices, the Presidency has remained silent regarding the lingering calls for a further drop in petrol costs to pre-crisis levels. Market observers anticipate that if global crude prices maintain their current downward trend, further competitive adjustments by both the NNPCL and independent marketers are likely in the coming weeks.