The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS) at its retail outlets across the Federal Capital Territory, Abuja.

According to DAILY POST correspondents who visited NNPCL stations, the price cut was implemented early Saturday morning. A station attendant along the Kubwa Expressway confirmed the change, saying, "The price was reduced to N1,040 per litre from N1,060."

Motorists, including Ezekiel Njoku, expressed relief, with Njoku stating, "The N20 reduction is significant. We hope for more reductions in the coming days."

Following this price change, Nigerians can now purchase petrol for N1,040 per litre at NNPCL stations. However, prices at other filling stations remain around N1,115 per litre, depending on location.

This price reduction comes just weeks after the Port Harcourt refinery, a state-owned facility, began production in November 2024. Former NNPCL Retail MD, Prof. Billy Okoye, had predicted this price drop with the refinery's commencement, aligning with expectations set by oil marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN). The ongoing deregulation of the fuel sector, combined with the operations of both the Dangote and Port Harcourt refineries, is expected to lead to further reductions in petrol prices in the future.