The Nigerian National Petroleum Company Limited has reduced its ex-depot prices of Premium Motor Spirit, petrol to N899 from N1020 per litre for oil marketers.Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, spokesperson Joseph Obele disclosed this in a statement on Saturday.
A document released by the NNPC commercial department, shows the latest reduction based on the regional pricing scheme as follows: Lagos, N899.0; Warri, N970.0; Oghara, N970.0; Port Harcourt, N970.0 and Calabar, N970.0.
The price reduction by NNPC is in response to the recent price adjustment announced by Dangote Refinery.
Reacting to the development, PETROAN National President Billy Gillis Hary said the price reduction will bring relief to motorists and Nigerians during the holiday season.
“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.”
PETROAN had urged NNPCL to slash its ex-depot prices of PMS as Dangote Refinery did.
Recall that on December 19, 2024, it reduced its ex-depot price to N899.50 per litre, down from N970.
This means that there is a slight N0.50 margin between NNPC and Dangote Petrol prices.
Meanwhile, Nigerians currently buy petrol between N1040 per litre and N1,150 at filling stations nationwide.