The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets in the Federal Capital Territory, Abuja.

Reports indicate that the petrol price was adjusted from ₦1,060 to ₦1,040 per litre, reflecting a ₦20 reduction. The price cut was confirmed by DAILY POST correspondents during visits to various NNPCL filling stations.

A station attendant at the NNPCL outlet along the Kubwa expressway stated, “The price was reduced to ₦1,040 per litre from ₦1,060 on Saturday morning.”

Motorists welcomed the price adjustment, though many are calling for further reductions. Ezekiel Njoku, described the development as significant but expressed hope for additional cuts. “The reduction of ₦20 is significant. We need further fuel price reductions in the coming days,” he said.

Despite the reduction at NNPCL stations, petrol prices at other filling stations remain higher, ranging up to ₦1,115 per litre depending on the location.

The price reduction follows the recent commencement of operations at the state-owned Port Harcourt refinery in November 2024. Industry experts had anticipated such adjustments, with the refinery expected to enhance local production and ease fuel supply challenges.

Former NNPCL Retail Managing Director, Prof. Billy Okoye, had earlier hinted that fuel prices could drop with the refinery’s operations. Additionally, deregulation of the petroleum sector and the activities of private refineries, such as the Dangote refinery, are expected to contribute to further price reductions over time.

Oil marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have projected a gradual decline in fuel prices as domestic production increases and competition within the sector grows.