NNPCL Reduces Petrol Price as Dangote Refinery Boosts Supply

NNPCL Reduces Petrol Price as Dangote Refinery Boosts Supply

In a major relief for Nigerians, the Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦945 per litre.

The state-owned oil company said the price adjustment follows improved domestic fuel supply from the Dangote Refinery, which has ramped up production in recent weeks. According to NNPCL, the move is aimed at stabilizing the downstream petroleum market and easing the burden of high transportation and living costs on citizens.

This development marks the first significant price reduction since the removal of fuel subsidies, which had led to a sharp increase in petrol prices and transportation fares nationwide. The company noted that as more local refining capacity comes on stream, Nigerians should expect a gradual normalization of fuel prices.

Economic analysts have welcomed the move, saying it could help reduce inflationary pressures on goods and services, especially in the transportation and food sectors. Transport unions and motorists across the country have also expressed optimism that the new price will lead to a drop in fares and logistics costs.

Meanwhile, the Federal Government has reiterated its commitment to supporting local refining operations, ensuring sustainable fuel supply, and protecting consumers from unnecessary price volatility.

With the Dangote Refinery now playing a growing role in domestic fuel supply, industry watchers believe Nigeria is edging closer to achieving energy self-sufficiency and reducing its dependence on fuel imports.