Kehinde Fajobi
The retail price of petrol, also known as Premium Motor Spirit (PMS), has dropped to ₦965 per litre in Abuja, marking the second price reduction by the Nigerian National Petroleum Company Limited (NNPC) in less than two weeks.
The new price has been implemented across NNPC’s retail outlets in the Federal Capital Territory, according to The Punch.
Meanwhile, the reduction, down from ₦1,060 earlier this month, has been met with enthusiasm from consumers, though long queues have formed at NNPC stations.
A commuter at the Wuse Zone 4 station shared his thoughts, saying, “Yes, NNPC has reduced its price to ₦965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price.”
Despite the reduction at NNPC outlets, independent and major marketers continue to sell petrol at prices ranging between ₦1,030 and ₦1,070.
On Sunday, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that petrol prices would drop to ₦935 per litre nationwide, thanks to a new arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, explained that the reduction is a result of a lower ex-depot price at the Dangote refinery.
He added that the uniform arrangement being implemented would allow marketers to sell at ₦935, with a logistics cost of ₦36 per litre.
Garima expressed optimism that the new pricing strategy would stabilise the market and make petrol more affordable for Nigerians.