The Nigerian National Petroleum Company Limited has dropped the retail price of premium motor spirit, popularly known as petrol, to N965 per litre in the Federal Capital Territory.
This development, which was confirmed on Monday.
Motorists have welcomed the price reduction, with many scrambling to join the long queues at NNPCL retail outlets.
“Yes, NNPC has reduced its price to N965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price,” said a driver who confirmed the price drop.
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However, independent and major marketers are still selling petrol at higher prices, ranging from N1,030 to N1,070 per litre, across various locations in Abuja.
The Independent Petroleum Marketers Association of Nigeria has announced plans to sell petrol at N935 per litre, beginning from Monday, based on a new arrangement with the Dangote Petroleum Refinery.
