NNPCL reduces fuel price from N1,060 to N1,040 – Report
Update from the oil market on Saturday December 14, 2024 has it that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), otherwise called petrol, across its retail outlets in the Federal Capital Territory, Abuja.
A media visit to NNPCL retail outlets in the city showed that the petrol pump price was reduced from N1,060 to N1,040 per litre. This represents a reduction of N20 whereas with same reduction level of N20 by Dangote, recently, petrol from the private crude oil processing company dropped from N990 to N970.
“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa Expressway said.
A motorist, Ezekiel Njoku, confirmed the development saying.that, “The reduction of N20 is significant. We need further fuel price reductions in the coming days,” he said.
With the price cut, Nigerians will now buy fuel petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.
This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.
The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that a fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.
Oil marketers, the Independent Petroleum Marketers Association of Nigeria, IPMAN, and the Petroleum Products Retail Outlets Owners Association, PETROAN, had also hinted that the deregulation of the sector — coupled with the operations of Dangote and Port Harcourt refineries — would lead to a drop in petrol prices.
