The Nigerian National Petroleum Company Limited (NNPCL) has announced a dramatic reduction in the ex-depot price of Premium Motor Spirit, commonly known as petrol, slashing it from N1,020 to N899 per litre.
This decision, which comes just days after the Dangote Refinery likewise adjusted its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria through a statement released on Saturday.
Signed by the association’s National Public Relations Officer, Dr Joseph Obele, the statement references a document from NNPCL’s Commercial Department, highlighting that this price change aligns with a regional pricing scheme. Consequently, marketers will now purchase petrol at N899 per litre, directly mirroring the competitive price set by Dangote Refinery just a short while ago.
However, those acquiring fuel from Warri, Oghara, Port Harcourt, and Calabar will face a higher cost of N970 per litre.
The statement reads, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.”
Obele reiterated that the price cut is a strategic response to the competitive landscape created by deregulation, which has intensified market rivalry among players in the sector.
This pivotal move is poised to ignite a price war amongst oil marketers, ultimately paving the way for more favourable prices for consumers across the country.
