According to reports by newsmen, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), otherwise known as petrol, across its retail outlets.

It was also noted that the NNPCL retail outlets in Ibadan witnessed that petrol, which was sold between N1,025 and N1,040 per litre, has been minimised to N1,015 per litre.

This implies a decrease of N10 to N25 from its previous price.

The reports noted that the nation’s oil company also has reduced its pump price all over its retail outlets in the Federal Capital Territory (FCT).

In the FCT, the petrol pump price was minimised from N1,060 to N1,040 per litre—a N20 decrease.

“The price was minimised to N1,040 per litre from N1,060 on Saturday morning,” a filling station attendant at the NNPCL retail outlet along the Kubwa motorway informed journalists. 

Meanwhile, NNPCL is yet to release a genuine statement declaring a reduction in petrol pump price.

However, following the reactivation of the 60,000 bpd Port Harcourt refinery in November, there’s been speculation of 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), said that the deregulation of the oil sector, along with the addition of the Port Harcourt refinery and the 650,000 bpd Dangote refinery to the market, could potentially affect petrol prices.