The Nigerian National Petroleum Company (NNPC) Limited has announced a nationwide reduction in the price of Premium Motor Spirit (PMS), commonly called petrol, at its retail outlets.
As of Saturday morning, petrol prices at NNPC outlets in Abuja have dropped from ₦1,060 per litre to ₦1,040 per litre, reflecting a ₦20 decrease per litre.
This reduction is expected to offer some relief to consumers facing high fuel costs.
However, independently operated fuel stations have not followed suit, with prices remaining higher at ₦1,115 to ₦1,120 per litre, depending on the location.
An NNPC official, commenting on the development, expressed confidence in future pricing, saying, “We expect local production from the Port Harcourt and Dangote refineries to foster more competitive fuel prices soon.”
The Port Harcourt refinery began production in November, complementing Dangote’s 650,000 barrels-per-day refinery, which started supplying refined products to both domestic and international markets earlier this year.
Industry experts share this optimism, anticipating that increased local refining capacity will help stabilize prices and lessen dependence on expensive fuel imports.
