The Nigerian National Petroleum Company Limited (NNPCL) has made a positive move by lowering the price of Premium Motor Spirit (petrol) at its retail outlets in the Federal Capital Territory, Abuja, as reported by Thecapital.ng.
During a visit to NNPCL retail locations, our correspondent found that the petrol pump price has been reduced from N1,060. A filling station attendant along Kubwa expressway confirmed this reduction to our correspondent, indicating a supportive step for consumers. …CONTINUE READING
A motorist, Ezekiel Njoku, confirmed the development to DAILY POST.
“The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely 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 speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.
