The Nigerian National Petroleum Compan Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (petrol) at its retail outlets in Abuja, the Federal Capital Territory.
During visits to NNPCL filling stations, it was observed that the petrol price had dropped from N1,060 to N1,040 per litre, marking a reduction of N20.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a staff member at an NNPCL outlet along the Kubwa expressway disclosed.
Motorists have welcomed the development, with Ezekiel Njoku describing it as a positive change. “The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
Despite this reduction, prices at other filling stations remain within the range of N1,115 per litre, depending on location.
The price adjustment follows the commencement of petroleum production at the state-owned Port Harcourt refinery in November 2024, just three weeks ago.
Previously, Prof. Billy Okoye, the former Managing Director of NNPCL Retail, had predicted a possible drop in fuel prices with the refinery’s operations coming online. Similarly, oil marketers and associations like the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN) had indicated that the deregulation of the petroleum sector and the operations of both the Dangote and Port Harcourt refineries could lead to lower petrol costs