The Nigerian National Petroleum Company Limited (NNPCL) has reduced petrol price across its retail outlets in Abuja. The price, which was previously N1,060 per litre, has been reduced by N20 to N1,040 per litre.
This adjustment, confirmed during visits to NNPCL outlets, reflects the new pump price implemented on Saturday morning. A station attendant at the Kubwa Expressway outlet said, “The price was reduced to N1,040 per litre from N1,060.”
Motorists have welcomed the development, with Ezekiel Njoku noting, “The reduction of N20 is significant, but we hope to see further price cuts in the coming days.”
While NNPCL stations now sell petrol at N1,040 per litre, prices at other outlets remain within the range of N1,115 per litre, depending on location.
This reduction comes just weeks after the Port Harcourt refinery, operated by NNPCL, began producing petroleum products in November 2024.
Industry players had anticipated this development, with former NNPCL Retail Managing Director, Prof. Billy Okoye, hinting that the commencement of refinery operations could lead to price reductions.
Similarly, stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), had projected that sector deregulation—coupled with contributions from Dangote and Port Harcourt refineries—would drive down fuel prices.
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