The Nigerian National Petroleum Company (NNPC) Limited at the weekend reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Abuja.
BusinessDay’s check revealed that retail outlets’ prices had fallen from ₦1,060 per litre at the pumps to ₦1,040, a reduction of ₦20 per litre.
BusinessDay learnt that the price was reduced to ₦1,040 per litre on Saturday morning, but prices still remain within ₦1,115 per litre to ₦1,120 per litre at independently-owned filling stations, depending on location.
Industry stakeholders, including oil marketers and trade associations, have expressed hope that increased local production from the Port Harcourt and Dangote refineries could lead to more competitive fuel pricing in a few months.
Production from the Port Harcourt refinery joined Dangote’s 650,000 barrels per day refinery, which recently began supplying products into the Nigerian economy.
