Breaking News: NNPC Slashes Petrol Price by N20, New Rate Now N1,040/Litre
In a welcome development for motorists and businesses, the Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, across its retail outlets in Abuja.
Lagos Reporters’ findings revealed that the price at NNPC-operated filling stations dropped from N1,060 per litre to N1,040 per litre, representing a N20 reduction. The revised pricing took effect on Saturday morning, bringing some relief to consumers amid prevailing economic challenges.
However, independent marketers have maintained slightly higher prices. Lagos Reporters observed that the cost of petrol at independently-owned stations varies between N1,115 per litre and N1,120 per litre, depending on the location. This price disparity highlights the ongoing variance between NNPC’s official rates and the pricing strategies of private marketers.
The price adjustment has sparked discussions among stakeholders about the potential ripple effects on transportation costs and overall economic activities. Motorists in Abuja have expressed cautious optimism, urging further reductions to ease the financial burden.
Lagos Reporters will continue to monitor the situation and provide updates as they unfold.