The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets.
The new price adjustment, effective Saturday, lowered the pump price from N1,060 to N1,040 per litre, marking a N20 reduction. A station attendant at an NNPCL outlet along the Kubwa expressway confirmed the change, saying, “The price was reduced to N1,040 per litre this morning.”
Motorists have reacted positively to the development, expressing hope for further price reductions. Ezekiel Njoku, a motorist, described the reduction as significant. “We need further fuel price cuts in the coming days,” he remarked.
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While NNPCL stations have implemented the new price, other filling stations continue to sell petrol at rates ranging from N1,115 per litre and above, depending on the location.
Increased Local Refinery Operations
The reduction comes just weeks after the Port Harcourt refinery resumed operations, producing petroleum products for the first time since its rehabilitation. This milestone has raised expectations of further stabilization in fuel prices, driven by increased local refining capacity.
Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), have indicated that the deregulation of the petroleum sector—along with the operations of the Port Harcourt and Dangote refineries—could lead to more significant price reductions in the future.
The NNPCL’s latest move is part of broader efforts to ease the financial burden on Nigerians as the country adjusts to a fully deregulated petroleum market.
Source: Daily Post
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