In a move to reduce the cost of transportation and ensure hitch free Christmas and New Year holidays, the Nigerian National Petroleum Company Ltd (NNPCL) has slashed the retail price of Premium Motor Spirit (PMS) to N965 per litre across its retail outlets.
The development comes after the state-owned company assured of sufficient supply of PMS during the Yuletide season.
The current reduction reflects a N95 slash from the N1,060 per litre sold in its retail station.
The new price is the second downward review in less than two weeks.
Checks showed that NNPC mega station located along Wuse Zone 4 and Olusegun Obasanjo Way, Central Area, the price of the commodity was sold at N965 per litre.
The price changes were also reflected at the retail stations along Kubwa Express way.
A driver, Hassan, who spoke on the matter, expressed delight on the development, saying the changes would reflect in cost of transport.
He said, “This change is good news. It shows that NNPC listens to Nigerians. We are excited about this price reduction. N95 is a lot of money because some people will have to buy up to 40 litres or more.
“On the impact, this will reduce the cost of transportation for Nigerians and lead to a reduction in the cost of other commodities. “
Across the Federal Capital Territory, independent and major marketers have retained the pruces of their products at an avergae of N1,030 and N1,070.
Another driver, Wale, said the development will ease pressure on many Nigerians, particularly travellers.
According to Wale, the gesture shows that the state-owned NNPC is working hard to provide cheap and sufficient energy for Nigerians.
Recall that NewsNGR reported that the NNPC restreamed the Portharcourt Refinery after several years of being moribund.
The Portharcourt Refinery is a 210,000 barrels per day Refinery. The refinery is expected to operate in full capacity by 2025.
“Attempts were made in the past to revamp the plants, but unfortunately, they failed. However, this current team, which has championed this noble and remarkable initiative, has done an excellent job.
I have seen the columns, the heat exchangers, the desalter, and the sample points. The refining process is taking place, and the products are real,” former Group Managing Director of the NNPC, Engr. Andrew Yakubu said in a recent remark.