The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (petrol) at its retail outlets in the Federal Capital Territory, Abuja.
Reports from NNPCL stations reveal that the pump price of petrol was reduced from N1,060 to N1,040 per litre, marking a decrease of N20.
A filling station attendant at an NNPCL outlet along the Kubwa expressway confirmed the adjustment, stating, “The price was reduced to N1,040 per litre on Saturday morning.”
Motorists also acknowledged the price reduction. Ezekiel Njoku, a motorist, said, “The reduction of N20 is significant. We hope for further reductions in the coming days.”
With this adjustment, NNPCL retail outlets now sell petrol at N1,040 per litre, while other stations maintain prices of up to N1,115 per litre, depending on location.
This price cut comes less than three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier predicted a possible reduction in fuel prices following the commencement of operations at the refinery.
Additionally, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), had suggested that deregulation of the sector, coupled with production from the Dangote and Port Harcourt refineries, could lead to further decreases in petrol prices.
