Again, NNPC Reduces Fuel Price
The sector’s deregulation, combined with the operations of the Dangote and Port Harcourt refineries, would contribute to a decrease in petrol prices
The Nigerian National Petroleum Company Limited (NNPCL) has taken a positive step by reducing the price of Premium Motor Spirit (petrol) at its retail outlets in the Federal Capital Territory, Abuja, according to Thecapital.ng.
During a visit to various NNPCL retail locations, our correspondent observed that the petrol pump price has been lowered from N1,060. An attendant at a filling station along Kubwa Expressway confirmed this reduction, which is a welcome change for consumers.
A motorist named Ezekiel Njoku also verified this price cut to DAILY POST, stating, “The reduction of N20 is significant. We need further fuel price reductions in the coming days.”
With the new price, Nigerians can now purchase petrol for N1,040 per litre at NNPCL filling stations. In contrast, prices at other stations vary, remaining around N1,115 per litre depending on the location.
This price reduction comes just three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had previously indicated that a reduction in fuel prices was expected following the start of production at the Port Harcourt refinery.
Also, oil marketers from 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, combined with the operations of both the Dangote and Port Harcourt refineries, would contribute to a decrease in petrol prices. Read More
