The retail price of Premium Motor Spirit (PMS), commonly known as petrol, has dropped to N965 per litre in the Federal Capital Territory.
A check conducted by newsmen on Monday revealed that the Nigerian National Petroleum Company Limited (NNPC) had implemented this new price at its retail outlets across the capital city, much to the satisfaction of customers.
This price reduction marks the second decrease in less than two weeks, following an earlier drop from N1,060 to N965 earlier this month. At NNPC’s mega station located along Wuse Zone 4 and Olusegun Obasanjo Way in the Central Area, petrol was being sold at N965 per litre, with commuters eagerly lining up to purchase fuel.
One driver, who confirmed the price drop, praised the NNPC for the reduction but suggested that a uniform price across all stations would make it easier for customers to access fuel. 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.”
Despite the NNPC’s price reduction, independent and major marketers continued to sell petrol at prices ranging from N1,030 to N1,070 across various locations.
In related news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) had announced that petrol prices would be reduced to N935 per litre starting on Monday (today), based on a new arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, explained that the reduction in the Dangote refinery’s ex-depot price for petrol, coupled with the uniform pricing system being implemented, would allow marketers to sell petrol at N935 per litre in their outlets nationwide, while incurring N36 in logistics costs.
