The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets nationwide.
The price of petrol at NNPC retail outlets has dropped from N1,060 per litre to N1,040 per litre in Abuja, a reduction of N20 per litre.
The price change took effect on Saturday morning.
However, prices at independently-owned filling stations remain higher, ranging from N1,115 per litre to N1,120 per litre, depending on location.
It is the belief of stakeholders that local production from the Port Harcourt and Dangote refineries will lead to more competitive fuel pricing in the near future.
Production from the Port Harcourt refinery, which began in November has joined Dangote’s 650,000 barrels per day refinery, which earlier began supplying products into the Nigerian and foreign markets.