The competition among stakeholders in the downstream sector has caused a reduction in the price of Premium Motor Spirit, PMS, better known as petrol, Sunday Vanguard has learnt......Read The Full Article>>.....Read The Full Article>>
Petrol, which sold at N1,020 per litre, dropped to N899 per litre after the Dangote Refinery in Lagos slashed the product’s price to N899.50k for marketers, last week.
Before now, petrol prices had consistently increased, causing customers to worry that the price hike might be sustained during the festive season.
Between September 16 and October 10, the Nigerian National Petroleum Company Limited, NNPCL, had raised fuel prices from N950 in Lagos and N1,019 in the North-East to N998 naira per litre, while in Abuja N1,030, making customers’ fears genuine.
But in a surprising development, the NNPCL has slashed petrol price by 12 per cent, making the product fairly affordable for customers.
This comes as the NNPCL debunked claims that the Port Harcourt Refinery had stopped operations.
confirming the PMS price reduction, the National President of Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Dr Billy Gillis-Harry, said N899 per litre was for Lagos, just as Warri, Oghara, Port Harcourt and Calabar would have N970 as their ex-pot price.
Gillis-Harry said: “The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices.
