The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre. This marks a significant decrease from the previous price of N1,020 per litre.
The price adjustment was revealed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), citing a document from NNPCL’s Commercial Department.
According to Dr. Joseph Obele, PETROAN’s National Public Relations Officer, the new pricing is part of a regional scheme. For instance, in parts of the South-South region, petrol will retail at N970 per litre under the revised structure.
This move comes shortly after the Dangote Refinery in Lagos reduced its petrol price to N899.50 per litre for marketers.
“In response to the competitive impact of deregulation in the downstream sector, the Nigerian National Petroleum Company Limited has taken a significant step,” a statement from NNPCL said.
Commenting on the development, PETROAN’s National President, Dr. Billy Gillis Hary, described the price reduction as a positive initiative that will ease financial burdens for Nigerians during the festive period.
“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians,” he stated.
Hary also highlighted several benefits for consumers, including lower transportation costs, enhanced economic activity, and an improved standard of living.
He further commended the earlier price cut by Dangote Refinery, noting its role in driving competition within the downstream sector.
“This is a welcome move that underscores the impact of healthy competition in the industry,” Hary added
