The Nigerian National Petroleum Company Limited (NNPCL) has implemented a reduction in its ex-depot prices for Premium Motor Spirit, commonly referred to as petrol, decreasing the price from N1020 to N899 per litre for oil marketing entities.
The spokesperson for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Joseph Obele, made this announcement in a statement released on Saturday.
“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.”
A document disseminated by the commercial division of NNPC, which was reviewed by DAILY POST, indicates that the recent price reduction is in accordance with the regional pricing framework, with the following prices: Lagos, N899.0; Warri, N970.0; Oghara, N970.0; Port Harcourt, N970.0; and Calabar, N970.0.
The price adjustment by NNPC is a direct response to the recent pricing modification publicized by Dangote Refinery.
In reaction to this development, PETROAN’s National President, Billy Gillis Hary, articulated that the price decrease will provide considerable relief to motorists and the wider Nigerian populace during the holiday season.
TALKING ARENA reports that PETROAN had previously urged NNPCL to reduce its ex-depot prices for PMS in a manner analogous to that of Dangote Refinery.
It is noteworthy that on December 19, 2024, Dangote Refinery reduced its ex-depot price to N899.50 per litre, a decrease from N970.
This indicates that there exists a minimal margin of N0.50 between the petrol prices set by NNPC and Dangote.
At present, Nigerians are purchasing petrol at prices ranging from N1040 per litre to N1,150 at filling stations across the nation.
