The price of Premium Motor Spirit (PMS), commonly known as petrol, has been reduced to N965 per litre in the Federal Capital Territory (FCT). It was confirmed on Monday that the Nigerian National Petroleum Company Limited (NNPCL) had implemented this new price across its retail stations in Abuja, much to the relief of customers.
This marks the second price reduction within two weeks, following a decrease from N1,060 earlier this month. At the NNPCL’s mega stations, such as those at Wuse Zone 4 and Olusegun Obasanjo Way in the Central Area, petrol was sold for N965 per litre, leading to long queues as commuters rushed to purchase the fuel.
One driver, who confirmed the price drop, expressed appreciation for the reduction but suggested that a uniform price across all stations would help ease access. He remarked, “I bought petrol this morning at N965, but the queues are very long, possibly because other stations are still selling at higher prices.”
Meanwhile, independent and major marketers were still selling petrol for prices ranging from N1,030 to N1,070 across various locations.
In related news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that petrol will be sold at N935 per litre from Monday, based on a new arrangement with the Dangote Petroleum Refinery. According to IPMAN’s National President, Maigandi Garima, the reduction in Dangote’s ex-depot price and the expected uniform pricing system will allow marketers to sell at N935 per litre nationwide, though they will incur a logistics cost of N36 per litre.
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