The Nigerian National Petroleum Company Limited (NNPC Ltd) has slashed the pump price of petrol to ₦900 per litre at its retail outlets—just 48 hours after raising it to ₦955.

According to checks conducted by The PUNCH on Wednesday, several NNPC filling stations across Abuja, including those along the Kubwa expressway, had already updated their prices to reflect the latest change.

The unexpected ₦55 reduction follows Monday’s increase, which saw fuel selling for ₦955 in Abuja and ₦915 in Lagos. At the time, NNPC blamed the hike on rising depot prices linked to market instability.

Now, a dip in ex-depot prices seems to have prompted the reversal. Price tracking platforms and market insiders report a slight drop in loading costs at private depots, with locations like Zone 4 and Mainland now offering PMS at around ₦860–₦862 per litre—a marginal reduction of ₦2.

Despite the NNPC’s adjustment, prices remain inconsistent nationwide. Independent marketers such as Ranoil and Empire Energy have also dropped rates slightly, now selling at ₦955 and ₦950 respectively, down from highs earlier in the week. However, some stations, like MRS in Abuja, are still maintaining a price of ₦885.

Market analysts say the recent rollercoaster in pricing highlights the volatility of Nigeria’s deregulated downstream sector. Stakeholders are calling for tighter oversight and transparency from regulatory bodies to protect consumers and ensure fair pricing.