The Nigerian National Petroleum Company (NNPC) Limited has said that the cost of Premium Motor Spirit (PMS), which is often called petrol, will be lower at its retail outlets in Abuja.
At NNPC’s retail stations, the price of petrol has reduced from N1,060 per litre to N1,040 per litre, marking a decrease of N20 per litre. This move comes amid ongoing concerns regarding the rising cost of petrol, partly driven by exchange rate fluctuation in Nigeria. .
NNPC’s decision to change prices is seen as a good step, but it probably won’t make a big difference in the short term. Industry stakeholders, including oil marketers and trade associations, have expressed cautious optimism.
They believe that the increased local production of refined fuel in Nigeria, particularly from the new Dangote refinery and the Port Harcourt refinery, could lead to better prices in the next few months.
The Port Harcourt refinery, which recently resumed operation, has joined Dangote refinery, which has begun supplying fuel products into the Nigerian market. These refineries are important because they can help make more fuel in Nigeria and reduce the need for imported fuel. This could help keep fuel prices steady in the future.
