The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets.
A visit to the NNPCL retail outlets in some part of the country showed that petrol, which was sold between N1,025 and N1,040 per litre, has been reduced to N1,015 per liter.
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This represents a N10 to N25 reduction from its previous price.
In the FCT, the petrol pump price was reduced from N1,060 to N1,040 per litre —a N20 reduction.
However, NNPCL is yet to release an official statement announcing a reduction in petrol pump prices.
Meanwhile, following the reactivation of the 60,000 bpd Port Harcourt refinery in November, there’s been speculation of a possible reduction in petrol pump price.
Oil marketers, including the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association (PETROAN), had also hinted that the deregulation of the sector—coupled with Port Harcourt refinery coming on stream to join the 650,000 bpd Dangote refinery—would affect petrol pump prices.
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