NNPC Reduces Petrol Price to N1,040 Per Litre.
The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), also referred to as petrol. This is the most recent news that every Nigerian is eager to read.
The reduction cut across all its retail outlets in the Federal Capital Territory, Abuja.
TJ News Nigeria reports the pump price has been dropped from N1,060 to N1,040 per litre, representing a N20 reduction.
It was gathered that the adjustment was implemented on Saturday morning, according to attendants at NNPCL retail stations along the Kubwa motorway.
A motorist, Ezekiel Njoku, expressed optimism about the development, describing the reduction as “significant” and calling for further decreases in fuel prices in the near future.
It was learnt that with the new price, NNPCL outlets now sell fuel at N1,040 per litre, while private filling stations in other places continue to sell the product at prices ranging from N1,115 per litre, depending on the station.
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The price cut comes shortly after the resumption of operations at the Port Harcourt refinery, which began producing petroleum products in November 2024. Observers had earlier predicted a potential price reduction following the refinery’s reactivation.
Professor Billy Okoye, the former Managing Director of NNPCL Retail, had previously hinted that refinery operations would lead to a decline in petrol prices.
Similarly, industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), had projected that the combined impact of deregulation and increased refinery activity—particularly from Dangote and Port Harcourt facilities—would result in more affordable fuel prices.
This development is seen as a step toward easing the economic burden on Nigerians, though many continue to hope for further reductions.
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