NNPC reduces fuel price

Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of petrol at its Abuja retail outlets.

Petrol now sells for ₦1,040 per litre, a ₦20 decrease from the previous ₦1,060 per litre.

Reports from NNPCL stations in Abuja confirmed the price adjustment, which took effect on Saturday.

While NNPCL’s new rate is slightly lower, other filling stations in the area continue to sell petrol at prices ranging from ₦1,115 per litre, depending on location.

This development follows the recent commencement of operations at the state-owned Port Harcourt refinery, which began production in November 2024.

Industry stakeholders, including oil marketers and trade associations, have expressed hope that increased local production from the Port Harcourt and Dangote refineries could lead to more competitive fuel pricing in few months.