NNPCL Reduces Petrol Price by N20

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Abuja. The pump price has been lowered from N1,060 to N1,040 per litre, marking a N20 reduction.

This adjustment was confirmed by filling station attendants at NNPCL retail outlets in the Federal Capital Territory. “The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” an attendant at the NNPCL outlet along Kubwa expressway stated.

Motorists have expressed optimism over the price reduction. Ezekiel Njoku, one of the motorists, noted that the change was a welcome development. “The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.

The price cut means that petrol will now sell for N1,040 per litre at NNPCL filling stations, while prices at other outlets remain between N1,115 and N1,120 per litre, depending on the location.

This change follows the recent commencement of production at the Port Harcourt refinery in November 2024. The refinery’s operations, alongside ongoing deregulation efforts and contributions from the Dangote Refinery, have raised expectations for a gradual reduction in petrol prices nationwide.

Industry experts, including the former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier predicted a drop in fuel prices as domestic production increases. Oil marketers and associations such as the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN) have also highlighted the impact of local refining on stabilizing and lowering fuel costs for Nigerians.