Abuja Sees Fuel Price Drop: NNPC Lowers Petrol Rate to N965/Litre

NNPC Announces Petrol Price Reduction in Abuja: Now N965/Litre

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦965 per litre at its retail outlets in Abuja. This marks a decrease from the previous price of ₦1,030 per litre.

This adjustment is the second price reduction by NNPCL within a two-week period, following an earlier decrease from ₦1,060 to ₦1,030 per litre.

The reduction has been met with enthusiasm from motorists in the Federal Capital Territory, leading to increased patronage and longer queues at NNPCL stations. However, independent and major marketers in Abuja continue to sell petrol at higher prices, ranging from ₦1,030 to ₦1,070 per litre.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has indicated that the new pricing structure is expected to reflect across various retail outlets within the week.

PETROAN President Billy Gilly-Harry noted that while some members are currently selling at higher prices due to existing stock purchased at previous rates, the reduction should become more widespread as new supplies are acquired at the lower ex-depot price of ₦899 per litre.

This development follows recent adjustments in the ex-depot prices by both NNPCL and Dangote Refinery, aimed at stabilizing the market and providing relief to consumers amid fluctuating fuel costs.

Motorists in Abuja are advised to monitor announcements from their preferred fuel stations regarding price changes and to plan accordingly, considering the potential for increased demand and longer wait times at stations offering the reduced price.