Retail outlets operated by the Nigerian National Petroleum Company Limited reduced pump prices to N1,370 per litre on Monday after a brief weekend surge to N1,405.
A market survey conducted by RibsMedia on Monday morning showed that state-owned stations across Abuja adjusted their meters downward back to the lower threshold.
The modification reflects a N35 per litre price reduction, effectively reversing the sudden weekend price hike across the company’s retail network.
Outlets monitored in key capital hubs including Berger, Wuse Zone 6, and Wuse Zone 4 were all observed dispensing fuel at the restored N1,370 rate on Monday.
The downward adjustment comes alongside an ongoing N66-per-litre promotional discount made available strictly to drivers purchasing fuel through the firm’s newly launched mobile application.
Meanwhile, competing major and independent retail brands, including MRS, have continued to upwardly review their respective pump prices nationwide.
The rapid price fluctuations follow a recent proposal by Finance Minister Taiwo Oyedele advocating a benchmark price of N1,350 per litre across NNPCL stations.
While critics swiftly labelled the price-capping proposal a disguised return to government fuel subsidies, federal officials strongly pushed back against the claim.
Both Oyedele and presidency representatives firmly rejected the subsidy classification, clarifying that the targeted price relief represents an intentional commercial discount rather than a state subsidy intervention.
