The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, bringing prices below ₦1,000 per litre.
This development was revealed in a statement signed by Dr. Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), on Saturday.
The move is said to be a response to increased competition in the downstream sector following deregulation.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector. The move is expected to spark a price war among oil marketers, ultimately benefiting consumers,” the statement read.
“The company recently reduced the ex-depot price of Premium Motor Spirit (PMS) from ₦1,020 to ₦899 per litre, a move that has been commended by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN)
“The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has hailed the Nigerian National Petroleum Company Limited (NNPCL) for responding to the call for affordable Premium Motor Spirit (PMS) prices.”
According to PETROAN, NNPCL recently slashed the ex-depot price of petrol from ₦1,020 to ₦899 per litre, with varying prices based on regional location.
A document released by the NNPC commercial department outlines the new regional pricing scheme as follows:
- Lagos: ₦899.0
- Warri: ₦970.0
- Oghara: ₦970.0
- Port Harcourt: ₦970.0
- Calabar: ₦970.0
Dr. Billy Gillis Hary, the National President of PETROAN, described the reduction as a welcome development, particularly as Nigerians prepare for the holiday season.
