The retail price of Premium Motor Spirit, commonly known as petrol, has dropped to ₦965 per litre in the Federal Capital Territory.
Confirmed on Monday by report states that the Nigerian National Petroleum Company Limited (NNPCL) implemented the new price at its retail outlets in Abuja, much to the relief of customers.
This marks the second price reduction in less than two weeks, following an earlier price of ₦1,060 per litre earlier this month.
At NNPCL’s mega stations in Wuse Zone 4 and Olusegun Obasanjo Way, Central Area, petrol was sold at ₦965 per litre, attracting long queues of commuters eager to take advantage of the new rate.
A driver, while confirming the price drop, commended the national oil company but called for uniform pricing across all stations to ensure easy access for consumers.
He said, “Yes, NNPC has reduced its price to N965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price.”
However, independent and major marketers sold their products between N1,030 and N1,070 across various locations visited by our correspondent.
On Sunday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that petrol would sell for ₦935 per litre starting Monday, following a new arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, explained that the price adjustment was made possible by a reduction in the refinery’s ex-depot price for petrol and a uniform pricing arrangement. This move will allow marketers nationwide to sell at ₦935 per litre, with an additional ₦36 factored in for logistics costs.
Further details to follow…
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