The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (petrol) by ₦20 per litre, directing all its retail outlets nationwide to implement the new price immediately.
The price adjustment, which takes effect from today, is expected to ease transportation costs and provide temporary relief to Nigerians amid ongoing economic pressures and high living costs.
In a directive issued to its marketers and retail station managers, NNPCL warned that non-compliance with the new pricing order would attract sanctions, stressing its commitment to uniform pricing across its outlets.
While NNPCL is yet to release a detailed statement explaining the factors behind the price cut, industry observers link the reduction to recent changes in global crude oil prices, supply dynamics, and domestic market considerations.
The development has already triggered reactions across the country, with motorists expressing cautious optimism, while independent marketers are expected to review their prices in response to the NNPCL move.
More details to follow…
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