Premium Motor Spirit (petrol) is now less expensive at all of the Nigerian National Petroleum Company Limited’s (NNPCL) retail locations in the Federal Capital Territory, Abuja.
The price per litre at the petrol pump was lowered from N1,060 to N1,040, according to a correspondent who visited NNPCL retail locations. This amounts to a N20 decrease.
At the NNPCL retail location along the Kubwa expressway, a filling station attendant stated, “The price was reduced to N1,040 per litre from N1,060 on Saturday morning.”
Ezekiel Njoku, a driver, verified the development.
“There is a notable decrease in N20. In the days ahead, more fuel price reductions are required,” he stated.
Nigerians will now purchase gasoline from NNPCL filling stations for N1,040 per litre as a result of the price reduction, while rates at other filling stations, depending on the location, stay about N1,115 per litre.
Just three weeks have passed since the state-owned Port Harcourt refinery started generating petroleum products in November 2024.
Prof. Billy Okoye, the former managing director of NNPCL Retail, had previously conjectured that the start of production at the Port Harcourt refinery would soon result in a drop in fuel prices.
Along with the activities of the Dangote and Port Harcourt refineries, oil marketers the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN) had also suggested that the deregulation of the industry would result in lower gasoline prices.