The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in the Federal Capital Territory (FCT), Abuja. This price cut comes as part of ongoing efforts to ease the financial burden on Nigerian motorists.
According to observations by *Daily Post* correspondents who visited NNPCL retail stations, the price of petrol was slashed from N1,060 per litre to N1,040 per litre. This marks a reduction of N20, a change confirmed by a filling station attendant along the Kubwa Expressway. “The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” the attendant told *Daily Post*.
The development was also verified by local motorists, with one, Ezekiel Njoku, sharing his thoughts on the reduction. “The reduction of N20 is significant. We need further fuel price reductions in the coming days,” Njoku told *Daily Post*. This response reflects the growing public expectation for more affordable fuel prices, especially as the government continues to navigate complex economic challenges.
With the new price reduction, NNPCL filling stations in Abuja will now sell petrol at N1,040 per litre. However, prices remain higher at other retail outlets across the country, ranging from N1,100 to N1,115 per litre, depending on the region. This disparity in fuel prices suggests that the reduction may not yet be universally felt nationwide.
The timing of the price cut is noteworthy, as it comes just weeks after the state-owned Port Harcourt refinery resumed production of petroleum products in November 2024. Industry experts had long speculated that the commencement of operations at the refinery could trigger a reduction in fuel prices. Former NNPCL Retail Managing Director, Prof. Billy Okoye, had previously suggested that such a decrease was inevitable with the refinery’s return to service.
Industry stakeholders have also expressed optimism about the broader impact of ongoing developments in the sector. The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have hinted that the deregulation of the fuel sector, along with the operationalization of Dangote and Port Harcourt refineries, would likely drive prices lower in the near future.
Despite these positive shifts, Nigerians continue to experience fuel price fluctuations, which have often been a source of public frustration. The government’s efforts to stabilize the industry have been closely watched by citizens, who hope that the price reduction in Abuja signals the beginning of a broader trend. However, as Ezekiel Njoku’s comments suggest, many consumers remain cautious, calling for further reductions in the coming days.
