The retail price of Premium Motor Spirit commonly known as petrol, has dropped to N965 per litre in Abuja, the Federal Capital Territory
Reports gathered on Monday indicated that the Nigerian National Petroleum Company Limited implemented the new pricing across its retail outlets in the city, much to the satisfaction of residents.
This adjustment marks the second reduction in less than two weeks, following an earlier price of N1,060 per litre earlier in the month.
At the NNPCL mega station located at Wuse Zone 4 and another along Olusegun Obasanjo Way in the Central Area, petrol was sold at N965 per litre.
This led to long queues as drivers rushed to purchase the commodity.
One driver, confirming the price reduction, commended the national oil company but urged for uniformity across all retail outlets.
“Yes, NNPC has reduced its price to N965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price,” he said.
Meanwhile, independent and major marketers were observed selling petrol at prices ranging from N1,030 to N1,070 per litre in various parts of the capital.
Notably, the Independent Petroleum Marketers Association of Nigeria announced on Sunday that petrol would retail at N935 per litre from Monday, based on an agreement with the Dangote Petroleum Refinery.
According to IPMAN’s National President, Maigandi Garima, the reduction in Dangote Refinery’s ex-depot price and plans for a uniform pricing model would allow marketers to sell petrol at N935 per litre, while covering logistics costs of N36 per litre.
