The Nigerian National Petroleum Company Limited (NNPCL) has reduced the retail price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦965 per litre in the Federal Capital Territory (FCT).
This price drop, which took effect across NNPCL retail outlets in the capital, marks the second reduction in less than two weeks, following a decrease from ₦1,060 earlier this month.
At the NNPCL mega station located along Wuse Zone 4 and Olusegun Obasanjo Way in Central Area, petrol was sold at ₦965 per litre, attracting long queues as commuters rushed to take advantage of the lower price. A driver who filled up at the station expressed appreciation for the price reduction but also highlighted the challenge of long waiting times, attributing it to price discrepancies at other stations. He said, “Yes, NNPC has reduced its price to ₦965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price.”
However, the new price does not apply to independent and major marketers, who were selling petrol between ₦1,030 and ₦1,070 at various locations across the city.
In addition to the price reduction, NNPCL has confirmed that the Port Harcourt Refinery, with a capacity of 60,000 barrels per day (bpd), remains fully operational. This clarification came after circulating media reports raised doubts about the refinery’s functioning. The refinery, which resumed operations in November 2024 following extensive rehabilitation, is playing a crucial role in boosting domestic fuel supply.
Earlier reports, including one from The PUNCH, suggested that there was a halt in petrol lifting at the Port Harcourt refinery on Friday, December 13, after the loading bay was found empty, despite several trucks being observed near the facility. However, NNPCL’s Chief Corporate Communications Officer, Olufemi O. Soneye, denied these claims, assuring that the refinery is indeed operational and that loading operations are proceeding as scheduled.
This ongoing reduction in petrol prices and the operational status of domestic refineries are seen as part of broader efforts to stabilize the fuel supply and address the economic challenges facing the country.
