The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets within the Federal Capital Territory (FCT), Abuja.
Reports from our correspondents who visited various NNPCL stations revealed that the price of petrol has been lowered from N1,060 to N1,040 per litre, marking a decrease of N20. A filling station attendant at the NNPCL outlet along the Kubwa Expressway confirmed the change, stating, “The price was reduced to N1,040 per litre from N1,060 on Saturday morning.”
This price adjustment has been welcomed by motorists, with Ezekiel Njoku, a commuter, sharing his thoughts with DAILY POST: “The reduction of N20 is a positive step. It is significant, and we are hopeful that there will be further price cuts in the coming days.”
As a result of this price cut, consumers purchasing petrol from NNPCL stations will now pay N1,040 per litre. Meanwhile, prices at other filling stations across the country are still hovering around N1,115 per litre, though these rates may vary depending on location.
This price change follows the recent commencement of operations at the Port Harcourt refinery, which began producing petroleum products in November 2024. The reduction in fuel prices was anticipated by industry experts, including the former Managing Director of NNPCL Retail, Prof. Billy Okoye, who had earlier suggested that the launch of production at the Port Harcourt refinery would likely lead to a reduction in fuel prices.
In addition to the refinery’s operations, industry associations such as the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN) have pointed to the ongoing deregulation of the petroleum sector as another factor contributing to falling fuel prices. They also noted that the operations of the Dangote and Port Harcourt refineries could further drive down the cost of petrol in the coming months.
