The Nigerian National Petroleum Company Limited, NNPCL, has reduced the price of Premium Motor Spirit (petrol) across its retail outlets in the Federal Capital Territory, Abuja.

Our reporters that visited NNPCL retail outlets in the city observed that the petrol pump price was reduced from N1,060 to N1,040 per litre, indicating a slash of N20. 

“The price was reduced to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL Mega retail outlet at the Central Abuja District stated.

A motorist, said: “The reduction of N20 is not significant. We need further fuel price reductions in the coming days because they are no longer paying impost duties, no longer paying for the shipment, no longer paying any form of demurrage.

“I believe that why there has not been any substantial reduction is as a result of corruption at NNPCL, who have factored their personal corruption index in the pricing. 

“We had thought that since the crude used at the refineries are not being imported, the cost of the purchase of foreign exchange would have also been significant. I did not expect that Nigerians would be paying anything above N300 per liter if the Port Harcourt and Dangote refineries start operations, but here we are. The greed of some Nigerians are our problem.”

NNPCL has not made any statement on the development.

The former Managing Director of NNPCL Retail, Prof. Billy Okoye, had earlier speculated that fuel price reduction was imminent with the commencement of production at the Port Harcourt refinery.

With the price cut, Nigerians will now buy petrol at N1,040 per litre at NNPCL filling stations, while prices remain within N1,115 per litre at other filling stations, depending on the location.

Recall that three weeks ago, the state-owned Port Harcourt refinery began producing petroleum products, including PMS, in November 2024.

Oil marketers, the Independent Petroleum Marketers Association of Nigeria (IPMAN), and the Petroleum Products Retail Outlets Owners Association (PETROAN), had also hinted that the deregulation of the sector—coupled with the operations of Dangote and Port Harcourt refineries—would lead to a drop in petrol prices.