The Nigerian National Petroleum Company (NNPC) Limited announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets in Abuja over the weekend.
According to findings, the price at NNPC stations dropped from N1,060 per litre to N1,040, marking a decrease of N20 per litre.
The price cut was implemented on Saturday morning.
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However, petrol prices at independently-owned filling stations in the area still range between N1,115 and N1,120 per litre, depending on location.
Industry stakeholders, including oil marketers and trade associations, are optimistic that the rise in local production from the Port Harcourt and Dangote refineries will contribute to more competitive fuel pricing in the coming months.
The Port Harcourt refinery’s output has now been added to Dangote’s 650,000 barrels per day refinery, which recently started supplying products to the Nigerian market.
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