A new per litre price of the Premium Motor Spirit (PMS), popularly known as fuel or petrol, has been noticed across retail outlets of the Nigerian National Petroleum Company Limited (NNPCL) within the Federal Capital Territory (FCT), Abuja.
Journalists who visited various NNPCL retail stations in the nation’s capital city observed that the price of petrol had been lowered from ₦1,060 to ₦1,040 per litre, indicating a reduction of ₦20.
According to a filling station attendant at the NNPCL outlet along the Kubwa expressway, the price adjustment took place on Saturday morning, bringing the cost down to ₦1,040 per litre from the previous ₦1,060.
Motorist Ezekiel Njoku also verified this change to Daily Post on Saturday.
“The reduction of ₦20 is significant. We need further fuel price reductions in the coming days,” Njoku said.
OsunDailyNG reports that with this development, Nigerians will now purchase petrol at ₦1,040 per litre at NNPCL filling stations.
Prices, however, at other filling stations are likely to vary as some outlets might sell the product for around ₦1,115 per litre, depending on the location.
This change occurred just three weeks after the state-owned Port Harcourt refinery commenced the production of petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had previously indicated that a decrease in fuel prices was likely with the initiation of production at the Port Harcourt refinery.
Additionally, oil marketers, along with the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), have suggested that the deregulation of the sector, in conjunction with operational changes, is influencing these developments.
