A new per-litre price of Premium Motor Spirit (PMS), commonly known as petrol, has been introduced across Nigerian National Petroleum Company Limited (NNPCL) retail outlets in the Federal Capital Territory (FCT), Abuja.
Journalists observed that the price of petrol had dropped from ₦1,060 to ₦1,040 per litre, reflecting a ₦20 reduction.
A filling station attendant at the NNPCL outlet along the Kubwa expressway confirmed the adjustment, stating that the new price took effect on Saturday morning.
Motorist Ezekiel Njoku also noted the change, saying, “The reduction of ₦20 is significant. We need further fuel price reductions in the coming days.”
With this adjustment, petrol at NNPCL filling stations now costs ₦1,040 per litre. However, other stations may sell at slightly higher prices, with some locations reportedly charging around ₦1,115 per litre.
The price reduction comes three weeks after the Port Harcourt refinery, owned by the government, began producing petroleum products in November 2024.
Former NNPCL Retail Managing Director Prof. Billy Okoye had previously predicted a drop in fuel prices with the refinery’s operations. Similarly, industry groups, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), have suggested that sector deregulation and the contributions of the Port Harcourt and Dangote refineries would lead to lower petrol prices.