The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail stations in Abuja.
According to reports from DAILY POST, the pump price of petrol has dropped from ₦1,060 to ₦1,040 per litre at NNPCL outlets, reflecting a ₦20 decrease. This adjustment was confirmed by a staff member at an NNPCL filling station located along the Kubwa Expressway, who stated, “The price was reduced to ₦1,040 per litre from ₦1,060 on Saturday morning.”
The price cut has been welcomed by consumers, with many calling for further reductions in the coming weeks. Despite this, petrol prices remain higher—up to ₦1,115 per litre—at other fuel stations depending on the location.
This recent development follows the commencement of petroleum production at the state-owned Port Harcourt refinery in November 2024, just three weeks ago. Prof. Billy Okoye, the former Managing Director of NNPCL Retail, had previously hinted at potential price reductions as a result of increased domestic production from the refinery.
Additionally, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), had earlier predicted that ongoing deregulation efforts and operational activities at both the Dangote and Port Harcourt refineries would drive down petrol prices nationwide.
With the price adjustment, Nigerians can now expect a slight relief in fuel costs while anticipating more competitive pricing in the future as local production capacity increases.
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[…] NNPC Cuts Petrol Prices by ₦20 Per Litre […]