The Nigeria National Petroleum Company (NNPC) Limited has just reduced the price of premium motor spirit, better known as petrol in Abuja.
It now cost N880 per litre. This is a decrease from the previous N965 per litre.
At the NNPC outlet in Federal Housing, Kubwa, the price dropped by N85 per litre.
A pump attendant said this took effect on Monday afternoon.
At the Irawo branch near Ransco bus stop along Ikorodu Road, the price was N860 per litre.
The Idimu Road branch also showed N860 per litre.
On February 13, we saw a slight decrease in Lagos when NNPC reduced the price from N960 per litre to N945 per litre.
These are cost adjustments to stay competitive in a volatile market.
And just after Dangote Petroleum Refinery cut its ex-depot petrol price to N825 per litre – the second time this month.
Dangote had earlier reduced its price from N950 per litre to N890 per litre in February – a total of N125 since January.
Other retailers are also following suit, with MRS filling stations selling at N860 per litre and Heyden stations at N865 per litre in Lagos.
Industry experts say these changes can have a huge impact on consumer behaviour and economic activities.
For instance, even small changes in fuel prices can affect transportation costs and influence inflation trends.
Statistical data from economic reports show that these price movements are driven by both global oil market trends and local competition.
These are reasons we must continue to monitor the petroleum market in Nigeria.
Credible sources from the Nigerian National Petroleum Company and economic research institutions are key to these market trends.