Fuel Price Relief: Abuja Filling Stations Slash Petrol Rates by N15 per Litre.
Nigerians in the Federal Capital Territory (FCT) are breathing a sigh of relief as independent petroleum marketers have reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by up to N15 per litre. This price cut comes as a much-needed reprieve for citizens grappling with economic hardships and soaring living costs.
Price Adjustments Across Major Filling Stations
A recent survey by Punch revealed that several filling stations in Abuja have lowered their fuel prices in response to shifting market conditions. Key adjustments include:
- A.Y.M. Shafa outlets along Airport Road reduced petrol prices from N930 to N915 per litre.
- Matrix Energy also adjusted its rates downward to N915 per litre.
- NIPCO stations dropped prices from N950 to N925 per litre.
- Conoil stations were seen selling petrol at N935 per litre, down from previous highs.
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Why Are Fuel Prices Falling?
The reduction in petrol prices is primarily linked to recent fluctuations in the global crude oil market. International oil prices have been on a downward trend due to:
- Oversupply Concerns – Increased production by oil-exporting nations has led to higher inventories.
- Weaker Global Demand – Economic slowdowns in major economies have reduced fuel consumption projections.
- OPEC+ Production Speculations – Reports suggest that OPEC+ members may boost output, further influencing supply levels.
On May 5, 2025, Nigeria’s crude oil prices dipped below the Federal Government’s 2025 budget benchmark of $75 per barrel. Key grades such as:
- Bonny Light traded at $78.62 per barrel,
- Brass River and Qua Iboe plunged to 64.60and64.60and64.65 per barrel, respectively.
Will the Price Drop Last?
While Nigerians welcome the reduction, analysts remain cautious. Fuel prices are highly sensitive to global oil market trends, exchange rates, and local supply chain stability. If crude prices rebound or the Naira weakens further, pump prices could rise again.
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What Does This Mean for Nigerians?
The immediate impact includes:
✔ Lower transportation costs for commuters and businesses.
✔ Reduced inflationary pressure on goods and services.
✔ Slight economic relief for households struggling with high living expenses.
However, long-term stability depends on sustained improvements in refining capacity, forex liquidity, and government policies.
For now, motorists in Abuja can enjoy cheaper fuel, but the situation remains volatile. If global oil prices continue to decline, more stations may follow suit. However, if geopolitical tensions or supply cuts occur, prices could climb once more.
Fuel Price Relief: Abuja Filling Stations Slash Petrol Rates by N15 per Litre.
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