The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS) at its retail outlets in the Federal Capital Territory (FCT), Abuja.
As of Saturday morning, the price of petrol dropped from N1,060 to N1,040 per litre, representing a significant N20 decrease. This was confirmed by attendants at various NNPCL filling stations, including one along Kubwa Expressway.
A motorist, Ezekiel Njoku, expressed his approval of the price cut, noting that while the reduction was appreciated, further cuts would be beneficial for consumers. “The reduction of N20 is significant. We need further fuel price reductions in the coming days,” Njoku said.
The new price of N1,040 per litre is only applicable at NNPCL outlets, while other stations continue to sell petrol at prices ranging from N1,115 per litre, depending on the location.
This price adjustment comes shortly after the Port Harcourt refinery began its operations in November 2024, which had been anticipated to lead to lower fuel prices. Industry experts, including former Managing Director of NNPCL Retail, Prof. Billy Okoye, had predicted a price reduction following the commencement of production at the refinery.
The announcement also aligns with recent statements from oil marketers, the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Petroleum Products Retail Outlets Owners Association (PETROAN), who had suggested that the deregulation of the fuel sector, along with the operations of local refineries like Dangote and Port Harcourt, would result in a decline in petrol prices.
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