The Nigerian National Petroleum Company Limited (NNPCL) has “reduced the ex-depot price of Premium Motor Spirit (PMS),” commonly known as petrol, “from ₦1,020 to ₦899 per litre.”.....Read The Full Article>>.....Read The Full Article>>
This adjustment follows a similar move by the Dangote Refinery, which recently reduced its petrol price to ₦899 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed this development in a statement released on Saturday.
According to PETROAN, marketers will now purchase PMS at ₦899 per litre, aligning with the price set by the Dangote Refinery.
Dr. Joseph Obele, PETROAN’s National Public Relations Officer, noted that the decision demonstrates the growing influence of deregulation on the oil and gas market, fostering increased competition among stakeholders.
He expressed optimism that petrol prices would decline further before the end of January 2025 due to falling crude oil prices globally and the naira’s recent appreciation against the dollar.
“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians,” said Billy Harry, National President of PETROAN.
Harry highlighted key benefits for consumers, including reduced transportation costs, increased economic activity, and improved standard of living.
He also applauded Dangote Refinery for its earlier price cut, crediting it with driving healthy competition in the downstream sector.
However, PETROAN raised concerns about potential risks to product quality, urging the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce strict quality assurance measures to protect consumers.
