The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (petrol) by N20 at its retail outlets across the Federal Capital Territory (FCT), Abuja. The price per litre has dropped from N1,060 to N1,040, effective from Saturday morning.
At various NNPCL stations, including those along the Kubwa Expressway, DAILY POST correspondents confirmed the price reduction. A station attendant explained, “The price was reduced to N1,040 per litre from N1,060.”
Motorists, such as Ezekiel Njoku, welcomed the change, with Njoku stating, “The N20 reduction is significant. We hope for further reductions in the coming days.”
Following this reduction, petrol is now priced at N1,040 per litre at NNPCL outlets, while other stations continue to charge between N1,060 and N1,115, depending on their location.
This move comes shortly after the Port Harcourt refinery began operations in November 2024, which industry experts had predicted would lead to a drop in fuel prices.
The reduction aligns with previous hints from oil marketers, the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Petroleum Products Retail Outlets Owners Association (PETROAN), suggesting that the ongoing deregulation of the sector and the activation of local refineries would drive fuel prices lower.