The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant reduction in the pump price of petrol, slashing the cost by ₦80 per litre across the country. The move is expected to bring relief to millions of Nigerians who have been grappling with high transportation and living costs in recent months.
According to information from petroleum industry officials, the price adjustment took effect immediately at NNPCL retail outlets nationwide. The reduction follows recent improvements in fuel supply availability and operational efficiencies within the downstream petroleum sector.
NNPCL officials explained that the decision was driven by a combination of factors, including improved logistics, better coordination in fuel distribution, and stabilizing market conditions. They noted that the company remains committed to ensuring steady fuel supply while working to ease the financial burden on consumers.
The price cut has already sparked positive reactions among motorists and transport operators, many of whom expressed hope that the reduction would translate into lower transport fares and reduced costs of goods and services. Commercial drivers in several cities described the move as a welcome development, though some urged that the benefits be sustained over time.
Economic analysts say the reduction could help slow inflationary pressures, particularly in sectors heavily dependent on fuel, such as transportation, food distribution, and small-scale manufacturing. However, they also cautioned that long-term price stability would depend on consistent supply, exchange rate stability, and effective management of the petroleum value chain.
NNPCL reaffirmed its commitment to transparency and efficiency, assuring Nigerians that it would continue to monitor market conditions and adjust strategies to ensure affordability and availability of petroleum products nationwide.
As consumers begin to feel the impact of the price drop, attention will now turn to how transport unions, traders, and service providers respond to the reduced fuel cost in the coming days.