NNPCL Cuts Petrol Price to N1,299 per Litre in Abuja

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,335 per litre to N1,299 per litre at its retail outlets in Abuja and surrounding areas. This reduction of N36 per litre comes shortly after MRS Oil Nigeria Plc, supported by Dangote Refinery, announced a N40 decrease in its petrol price, bringing it down to N1,265 per litre.

The new price at NNPCL stations has already taken effect in various locations within the Federal Capital Territory, including Lugbe, Kubwa Expressway, and Wuse Zone 3. This price adjustment is expected to provide some relief to consumers facing high transportation and living costs due to rising fuel prices following the removal of the petrol subsidy.

Industry observers note that the competition among fuel marketers is intensifying, particularly with the increased local refining capacity, leading to more frequent price adjustments and varying pump prices across different locations.