The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol.
It was learnt that NNPCL filling stations at Kubwa Expressway, Central Business District, and Wuse Zone 4 in Abuja on Saturday slashed petrol prices to N895 per litre, down from the previous price of N910.
This indicates a N15 reduction in the pump price.
Reacting to the petrol price cut, a motorist, Muhammad Ibrahim, said the development was expected and would offer Nigerians more competitive options.
“It is long expected because other filling stations have reduced their petrol prices,” he said.
The latest NNPCL retail price drop comes just days after Dangote Refinery and its partners slashed their fuel prices to N875 and N895 per litre in Lagos and Abuja, respectively.
In Enugu, NNPCL is now selling petrol at N900 per litre, a reduction from the earlier price of N910.
Reports indicate that other filling stations have already reduced their pump prices to between N900 and N910 per litre.
Earlier, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said marketers are now competing favourably with NNPC following the liberalisation of the country’s downstream oil and gas sector.
He further noted that NNPCL is encouraging a monopoly amid ongoing controversies surrounding the rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
