The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets nationwide.
Effective Saturday morning, the price of petrol at NNPC retail stations in Abuja dropped from ₦1,060 per litre to ₦1,040 per litre, reflecting a decrease of ₦20 per litre. However, prices at independently-owned filling stations remain significantly higher, ranging between ₦1,115 and ₦1,120 per litre, depending on the location.
Industry stakeholders remain optimistic that increased local production will bring about more competitive fuel pricing. The Port Harcourt refinery, which resumed production in November, has joined the Dangote refinery, with a capacity of 650,000 barrels per day, in supplying products to both the domestic and international markets. This development is expected to ease dependence on imports and stabilize prices in the long term.