The Nigerian National Petroleum Company Limited (NNPC) at the weekend reduced the price of Premium Motor Spirit (petrol), otherwise known as petrol, across its retail outlets in Abuja.
Visits to NNPC’s stations in Mabushi, mega filling station in zone 1, among others, showed that retail outlets’ prices had fallen from N1,060 per litre, with the product now selling per litre at N1,040, a N20 per litre or roughly 1.8 per cent fall.
Our correspondent learnt that the price was reduced to N1,040 per on Saturday, with prices still remaining within N1,115 per litre to N1,120 per litre at independently-owned filling stations.
It is coming weeks after the state-owned Port Harcourt refinery began blending petroleum products, with the company revealing that it had begun trucking 1.4 million barrels per day to the Nigerian market.
Production from the Port Harcourt refinery joined the Dangote’s 650,000 barrels per day refinery, which recently began supplying products into the Nigerian economy.
Since President Bola Tinubu took over the reins of power, petrol prices have moved from as low as N195 per litre to N1,200, depending on location.
Tinubu announced the removal of fuel subsidy on assumption of office on May 29, 2023, insisting that the underpayment was characterised by corruption by the elite.