The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot Premium Motor Spirit (PMS), commonly known as petrol price, from N1,020 to N899 per litre. This move follows a similar reduction by the Dangote Refinery, which also recently set its price at N899.
According to a statement from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the adjustment reflects NNPCL’s response to increased competition in the deregulated downstream sector. PETROAN’s National Public Relations Officer, Dr. Joseph Obele, highlighted that marketers in Warri, Oghara, Port Harcourt, and Calabar would still pay N970 per litre due to regional pricing.
“This reduction demonstrates the impact of deregulation, spurring competition and benefiting consumers,” Obele noted. He expressed optimism for further price drops by January 2025, citing declining global crude oil prices and the strengthening naira.
The development has been described as a “price war,” with Dangote Refinery’s earlier reduction playing a pivotal role in fostering competition. PETROAN’s National President, Billy Harry, commended the move, emphasizing its potential to lower transportation costs, stimulate economic growth, and improve Nigerians’ standard of living.
However, PETROAN has cautioned against possible compromises in product quality due to aggressive pricing and urged regulatory authorities to enforce quality standards.
NNPCL’s spokesperson has yet to confirm this development, but the reduction is already generating optimism among consumers and industry stakeholders, particularly during the holiday season.
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