supply stabilization
NNPC reduces price of petrol to N860 per litre
The Nigerian National Petroleum Company (NNPC) Limited has reduced the retail price of premium motor spirit (PMS), also known as petrol, at its filling stations to N880 per litre in Abuja.
NNPC dropped the price of the product from N965 per litre in Abuja.
TheCable observed that the petrol price dropped by N85 per litre at NNPC retail outlet in Federal Housing, Kubwa.
A pump attendant at Kubwa told TheCable that the petrol price was reduced on Monday afternoon.
More so, at the NNPC retail branch at Irawo, Ransco bus stop, Ikorodu road, the price of the product stood at N860
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At the retail outlet along Idimu Road, the pump price of petrol also dropped to N860.
On February 13, NNPC had reduced pump price solely in Lagos from N960 per litre to N945 per litre.
The current reduction comes less than a week after Dangote Petroleum Refinery slashed its ex-depot price petrol to N825 – second cut in February.
Dangote refinery had earlier in February reduced petrol price from N950 per litre to N890.
The new price means that the refinery has significantly cut the ex-depot price by N125 from N950 per litre in January.
The price reduction was also reflected in MRS filling stations, which sold at N860 per litre and Heyden stations at N865/litre in Lagos.
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