NNPC reduces petrol price

The Nigerian National Petroleum Company Limited (NNPC Ltd) has reduced the pump price of premium motor spirit (PMS), also known as petrol, marking the second downward adjustment within one week.

A reduction of N5 from the previous price of N895 was implemented across several NNPC retail outlets in Abuja, including locations along the Kubwa Expressway, Gwarimpa, and Wuse Zone 4.

Tribune Online also confirmed that the new price of a litre of petrol at NNPC’s retail outlets in Ibadan, Oyo State, has been pegged at N875.

The latest adjustment comes barely a week after the company announced a retail price slash, further easing the cost burden on consumers amid fluctuating fuel prices.

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While NNPCL stations are now selling at N890 and N875 per litre, some retail partners of Dangote Refinery — including AP Ardova, Optima, MRS, and Bovas — are offering a slightly lower price of N885 per litre.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has renewed calls for a harmonised refined fuel pricing framework across West Africa, as part of efforts to eliminate the importation of adulterated fuel into the region.

Speaking at the closing ceremony of the West African Refined Fuel Conference in Abuja, the Chief Executive of NMDPRA, Farouk Ahmed, said the proposed uniform pricing would boost refining capacity and expand shipping activities on the continent.

“There are a lot of activities that will follow this and include employment, economic empowerment, and of course economic independence for both Africa and West Africa, and particularly in this case, Nigeria,” he said.

Also speaking at the event, the Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, noted that increasing Nigeria’s refining capacity is critical to the federal government’s plan to achieve double-digit GDP growth.

He added that such a target would only be realised through significant investor commitment in the oil and gas sector.

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