NNPCL has reduced petrol prices at its Abuja outlets from ₦1,060 to ₦1,040 per litre, offering slight relief to motorists. This follows the Port Harcourt refinery's resumption and speculation of price drops due to deregulation. However, prices at other stations remain higher, sparking calls for further reductions nationwide.
The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the pump price of petrol at its filling stations in Abuja, bringing a slight relief to consumers. The price of Premium Motor Spirit (PMS), commonly known as petrol, has been reduced from ₦1,060 to ₦1,040 per litre, marking a ₦20 decrease.
This change was observed at NNPCL outlets across the Federal Capital Territory on Saturday morning, with station attendants confirming the new rates. A motorist, Ezekiel Njoku, expressed mixed feelings about the development, noting that while the reduction was appreciated, many Nigerians hope for further price cuts to alleviate the burden of high living costs.
Despite the adjustment, petrol prices at other filling stations in Abuja remain higher, ranging up to ₦1,115 per litre depending on location.
The reduction comes shortly after the Port Harcourt refinery resumed operations in November 2024, a move expected to stabilize fuel supply and possibly lower prices. Industry stakeholders, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), had previously indicated that the combined efforts of the Dangote refinery and Port Harcourt refinery would lead to price adjustments in the deregulated market.
While the current reduction offers limited financial relief, many Nigerians are calling for broader changes to make fuel prices more affordable as they continue to grapple with economic challenges.
