The Nigerian National Petroleum Company Limited (NNPCL) has announced a decrease in the price of Premium Motor Spirit (petrol) at its retail locations in the Federal Capital Territory, Abuja.
Reports from our correspondents visiting NNPCL outlets indicate that the petrol price has been lowered from N1,060 to N1,040 per litre, marking a N20 reduction.
A filling station attendant at the NNPCL outlet on Kubwa expressway confirmed, "The price was adjusted to N1,040 per litre from N1,060 on Saturday morning." Motorist Ezekiel Njoku also verified this change, stating, "The N20 reduction is significant. We hope for further decreases in fuel prices soon."
As a result of this price adjustment, petrol will now be available at N1,040 per litre at NNPCL stations, while prices at other stations vary, remaining around N1,115 per litre depending on the area. This announcement follows the recent commencement of production at the state-owned Port Harcourt refinery in November 2024, just three weeks prior.
Former Managing Director of NNPCL Retail, Prof. Billy Okoye, had previously suggested that a reduction in fuel prices was likely with the start of production at the Port Harcourt refinery.
Additionally, oil marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), have indicated that the deregulation of the sector, along with the operations of both the Dangote and Port Harcourt refineries, is expected to contribute to a decline in petrol prices.