The Nigerian National Petroleum Company Limited (NNPC) reduced the price of Premium Motor Spirit (petrol) across its stations over the weekend.
Inspections at NNPC service stations in Lagos and Abuja revealed that the retail price had decreased from N1,060 per litre to N1,040, representing a decrease of N20 per litre or approximately 1.8 per cent.
The price adjustment to N1,040 per litre took effect on Saturday, while prices at privately owned filling stations remained in the range of N1,115 to N1,120 per litre.
This change comes a few weeks after the state-owned Port Harcourt refinery started blending petroleum products and announced it had begun transportation of 1.4 million barrels per day to the Nigerian market.
The output from the Port Harcourt refinery is now alongside Dangote’s refinery, which has a capacity of 650,000 barrels per day and has recently begun contributing products to the Nigerian economy.
Upon taking office on May 29, 2023, President Tinubu declared the elimination of fuel subsidies, arguing that the previous underpayment was associated with corruption perpetrated by the elite.
