The Nigerian National Petroleum Company Limited (NNPC) lowered the price of Premium Motor Spirit (petrol), also referred to as gasoline, at all of its retail locations in Abuja over the weekend.

Investigation and visits to NNPC's stations in Mabushi and the mega filling station in zone 1 revealed that retail outlets' pricing had dropped from N1,060 per litre to N1,040, a N20 per litre or around 1.8% decrease.

THISDAY reported that rates at independently owned filling stations remained between N1,115 and N1,120 per litre even after the price was lowered to N1,040 per litre on Saturday.

According to the report, weeks after the state-owned Port Harcourt refinery started blending petroleum products, the company disclosed that it had started delivering 1.4 million barrels of petroleum products daily to the Nigerian market.

Port Harcourt refinery recently joined Dangote refinery, which recently started providing goods to the Nigerian market and produces 650,000 barrels per day.

Since President Bola Tinubu assumed office, petrol prices have increased from as low as N195 per litre to N1,200 depending on the area.