The Nigerian National Petroleum Company (NNPC) Limited has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦20 per litre at its retail outlets in Abuja.
This adjustment sees the price drop from ₦1,060 per litre to ₦1,040 per litre, offering slight relief to consumers amid persistent high fuel costs.
Reports from THE NEWS CHRONICLES confirm that the new price became effective on Saturday morning. Despite this reduction, independently-owned filling stations continue to sell petrol at higher rates, ranging from ₦1,115 to ₦1,120 per litre, depending on their location.
This move comes at a time when stakeholders in Nigeria’s oil and gas industry are expressing cautious optimism about the potential for further price cuts in the coming months.
The optimism is fueled by increased domestic refining capacity, with the Port Harcourt refinery recently resuming operations and the Dangote refinery, boasting a capacity of 650,000 barrels per day, now actively supplying products to the Nigerian market.
Experts believe that enhanced local production could reduce Nigeria’s dependency on costly fuel imports, which has historically driven up prices for consumers. Trade associations and oil marketers have also suggested that more competitive pricing could emerge as domestic supply stabilizes and logistical challenges are addressed.
The NNPC’s decision to cut petrol prices is seen as a step toward easing the financial strain on Nigerians, many of whom have been grappling with elevated fuel costs following subsidy removal.
With two major refineries now contributing to the domestic supply chain, there is renewed hope for improved fuel affordability and stability in the energy sector.
This development underscores a critical turning point in Nigeria’s quest for energy self-sufficiency, potentially paving the way for a more sustainable and consumer-friendly fuel market.
