The Nigerian National Petroleum Company Limited, NNPCL, has announced reduction in the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.
A visit to retail outlets of the company indicated that the petrol pump price was reduced from N1,060 to N1,040 per litre.
A filling station attendant at the NNPCL retail outlet along Kubwa expressway way stated that “The price was reduced to N1,040 per litre from N1,060 on Saturday morning”.
A motorist, Ezekiel Njoku, who spoke on the development observed that the reduction of N20 is significant.
He, however, appealed for further fuel price reductions in the coming days.
With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
Former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
In the same vein, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had equally expressed optimism that the deregulation of the oil sector—coupled with the operations of Port Harcourt and Dangote refineries—would lead to a drop in the price of fuel.
