![A fuel attendant fills a container with fuel for a customer at a Nigerian National Petroleum Company Ltd. (NNPC) gas station in Lagos, Nigeria, on Wednesday, Aug. 23, 2023. [Getty Images]](/_next/image?url=https%3A%2F%2Fimage.api.sportal365.com%2Fprocess%2F%2Fsmp-images-production%2Fpulse.ng%2F16122024%2F5d635001-4cb4-4a41-8b3c-8c9781c1bea0.jpg&w=1920&q=75)
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The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets nationwide.
As of Saturday morning, the price of petrol at NNPC outlets in Abuja dropped from ₦1,060 per litre to ₦1,040 per litre, representing a ₦20 per litre decrease.
The adjustment is expected to provide slight relief to consumers grappling with rising fuel costs.
Despite the price cut, independently owned fuel stations have not mirrored the reduction. Prices at these outlets remain higher, ranging from ₦1,115 to ₦1,120 per litre, depending on location.
An NNPC official, speaking on the development, expressed optimism about future pricing, stating, “We believe local production from the Port Harcourt and Dangote refineries will drive more competitive fuel prices soon.”
Production at the Port Harcourt refinery commenced in November, adding to the output of Dangote’s 650,000 barrels-per-day refinery. The latter began supplying refined products to both Nigerian and international markets earlier this year.
Industry stakeholders have echoed similar optimism, predicting that increased local refining capacity could stabilise prices and reduce reliance on costly fuel imports.
For now, the disparity between NNPC and independent filling station prices underscores ongoing challenges in achieving uniformity in the market.
However, the NNPC price cut is seen as a positive step towards easing the financial burden on consumers, particularly in urban centres like Abuja.
Further reductions may depend on sustained local refining and broader market dynamics.