Fatshimetrie Limited, a leading business news company in Nigeria, has reported a major announcement by the Nigerian National Petroleum Company (NNPC) Limited. The news is about a reduction in the price of petrol, also known as Premium Motor Spirit (PMS), at its service stations across the country.
Consumers will now be able to enjoy a significant reduction in the price of petrol at NNPC service stations. For instance, the price of petrol in Abuja has been reduced from ₦1,060 to ₦1,040 per litre, representing a reduction of ₦20 per litre.
This comes as many consumers are facing increasing fuel costs. However, it is important to note that independent service stations have not followed the same trend. Indeed, prices at these facilities remain higher, ranging between ₦1,115 and ₦1,120 per litre, depending on the location.
An NNPC official expressed confidence about the future price trend, saying local production at the Port Harcourt and Dangote refineries will contribute to more competitive prices in the future.
The resumption of production at the Port Harcourt refinery last November, as well as the commissioning of the 650,000 barrels per day Dangote refinery, have fuelled this optimism. The latter began supplying refined products to the Nigerian and international markets earlier this year.
Industry players share this optimism, noting that increased local refining capacity could help stabilise prices and reduce reliance on costly fuel imports.
Despite the price differentials between NNPC and privately owned stations, the tariff reduction is seen as a positive step. It is expected to ease the financial burden on consumers, especially in urban centres like Abuja.
The move signals a possible transition to a more equitable pricing structure in Nigeria’s fuel market, which would benefit consumers in the long run. In the meantime, observers are keeping a close eye on the next developments in the country’s oil sector.