The Nigerian National Petroleum Company Limited (NNPC) has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N1,020 to N899 per litre. This move follows a similar price reduction by the Dangote Refinery a few days ago.
The Petroleum Products Retail Outlets Owners Association of Nigeria confirmed the price reduction in a statement, citing a document from NNPC’s Commercial Department. The new price is based on the regional pricing scheme, with marketers buying the product at N899 per litre.
However, marketers purchasing from Warri, Oghara, Port Harcourt, and Calabar will pay N970 per litre. The price reduction is expected to spark a price war among oil marketers, ultimately benefiting consumers.
The National President of PETROAN, Billy Harry, welcomed the price reduction, saying it would bring relief to motorists and Nigerians during the holiday season. He commended NNPC for responding to calls for affordable PMS prices and listed the benefits of the price reduction, including reduced transportation costs, increased economic activity, and improved standard of living.
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