The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, at its retail outlets in Abuja to N965 per litre, down from N1,030 per litre.
Visits to NNPC retail outlets in the Central Area and Nyanya suburb of the nation’s capital confirmed that the new rates are now in effect.
This marks the second price cut by the national oil company within two weeks, following a reduction from N1,060 to N1,030 per litre, as competition with Dangote Refinery’s products intensified.
Motorists have welcomed the price adjustment, expressing hope for further reductions, according to Vanguard.
A commercial driver operating on the Nyanya-Zuba route observed that the new price is a positive step but called for further reductions to ease the cost of goods and services, suggesting a return to N530 per litre would be ideal.
He said, “I noticed the new price yesterday. The government is trying, but they should do more. The price should return to N530 per litre so that the cost of other goods can decrease too.”
Similarly, a private car owner commended the development, attributing it to ongoing economic reforms by President Bola Tinubu.
He expressed optimism that the downward trend in petrol prices would positively impact the broader economy, particularly in reducing the cost of goods and services.
“When the President promised his reforms would yield results, many doubted him. But now you can see it. We are optimistic that prices will keep dropping. Petrol is vital to the economy, and this reduction will soon reflect in the cost of goods and services.”
