NNPC Set New Petrol Price At N899 Per Litre

NIGERIAN National Petroleum Company (NNPC) Limited has reduced its ex-depot price of petrol to N899 per litre in Lagos. Newsextra24 reports that the development comes days after the Dangote refinery slashed the ex-depot price of the product to the same amount......Read The Full Article>>.....Read The Full Article>>

Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) announced this in a statement released by its national public relations officer (PRO), Joseph Obele on Sunday.

The association said the price reduction by NNPC is a response to the competitive impact of deregulation, adding that the new regime has led to increased competition in the downstream sector.

It said, “The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.”

“The company recently reduced the ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 per liter, a move that has been commended by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).”

According to PETROAN; a document released by NNPC commercial department shows a reduction based on the regional pricing scheme.

Citing the document, PETROAN said the price of the product was cut down to N899 in Lagos, N970 in Oghara, N970 in Port Harcourt, and N970 in Calabar.

Commenting on the price cut, Billy Gillis-Harry, PETROAN’s president, said it is a welcome development “that will bring relief to motorists and Nigerians during the holiday season.”

He 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.”

The president also commended Dangote refinery for its earlier price reduction, which assisted in stimulating competition in the downstream sector.

Also, PETROAN’s zonal chairman of the eastern zone, Sunny Nkpe said as the price reduction takes effect, the association’s zonal and its state executive councils would continue to monitor the situation.

Nkpe added that they would ensure that benefits of the price cut are passed on to end-users and that the overall downstream sector remains stable and conducive for business.

Additionally, Obele expressed optimism that petrol prices would drop further before the end of January 2025 as there is a global decline in crude oil prices and naira’s recent gain against the dollar,

Referring to the downward trend as a price war, Obele emphasised that the price reduction by Dangote refinery and NNPC demonstrates the benefits of competition and advocates for the immediate privatisation of government-owned refineries.