The Nigerian National Petroleum Company Limited (NNPCL) made a significant change by reducing the price of petrol in the Federal Capital Territory (FCT) to N965 per litre. This price drop comes just days after a similar reduction earlier this month, which saw the price fall from N1,060 to N965.
The price change is causing a wave of excitement among Abuja commuters, who have been facing high fuel prices for months.
The new petrol price was observed at several NNPCL retail stations across the city, including a major station along Wuse Zone 4 and Olusegun Obasanjo Way in Central Area. At these locations, long queues of vehicles were seen as drivers rushed to fill their tanks at the new, lower price.
The reduction in price has brought some relief to the public, but many customers are calling for a more uniform pricing system across all stations to avoid confusion.
Despite NNPCL’s price cut, independent and major petrol marketers in Abuja have continued to sell fuel at prices ranging from N1,030 to N1,070 per litre. The difference in pricing between NNPCL stations and other retail outlets has led to some frustration among customers, who are looking for a more consistent pricing system across the city.
In related news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) announced that petrol prices would soon drop further.
Starting on Monday, December 23, the association revealed that petrol would be sold at N935 per litre at their stations, thanks to an agreement with the Dangote Petroleum Refinery.
According to IPMAN’s National President, Maigandi Garima, the reduction in the ex-depot price of petrol from the Dangote refinery would allow marketers to sell fuel at this new, lower price nationwide. The move is expected to help reduce the cost of fuel logistics, which will bring down overall prices for consumers.
