The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦20 per litre at its retail outlets in Abuja. The new price, effective from Saturday morning, is now ₦1,040 per litre, down from ₦1,060 per litre, providing slight relief to consumers amid ongoing high fuel costs.
However, independently owned filling stations continue to charge higher prices, ranging from ₦1,115 to ₦1,120 per litre, depending on their location.
This price adjustment comes as stakeholders in Nigeria’s oil and gas industry express cautious optimism for further price reductions, driven by increased domestic refining capacity. The Port Harcourt refinery has recently resumed operations, while the Dangote refinery, with a capacity of 650,000 barrels per day, is now actively supplying products to the Nigerian market.
Experts suggest that enhanced local production could reduce Nigeria’s reliance on costly fuel imports, potentially leading to lower prices for consumers. Trade associations and oil marketers foresee more competitive pricing as domestic supply stabilizes and logistical challenges are addressed.
The NNPC’s decision to lower petrol prices is seen as a step toward easing financial pressures on Nigerians, many of whom have faced high fuel costs following the removal of subsidies. With two major refineries now contributing to the domestic supply, there is renewed hope for improved fuel affordability and stability in the energy sector, marking a significant milestone in Nigeria’s pursuit of energy self-sufficiency.
