NNPC reduces fuel price to N1,020 in Abuja/Niger, N1,000 in Kwara/Ondo/Osun/Edo and N980 in Lagos/Ogun

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, THE PRIME NEWS reports.

Our correspondents who visited NNPCL retail outlets observed that the petrol pump price was reduced from N1,060 to N1,020 per litre. This represents a reduction of N40.

“The price was reduced to N1,020 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along Kubwa expressway told.

A motorist, Ezekiel Njoku, confirmed the development, “The reduction of N40 is significant. We need further fuel price reductions in the coming days,” he said.

It is expected that price will also be reduced to as low as N980 – N1,000 in Lagos/Ogun and Oyo/Kwara/Ondo/Edo respectively.

With the price cut, Nigerians will now buy petrol at N1,020 per litre at NNPCL filling stations in Abuja, while prices remain within N1,115 per litre at other filling stations, depending on the location.

This development comes barely three weeks after the state-owned Port Harcourt refinery began producing petroleum products in November 2024.

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

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.