Fuel
NNPCL Reduces Petrol Price to N899/Litre
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from the previous price of N1,020 for oil marketers.
This development was confirmed on Saturday by Joseph Obele, spokesperson for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
A document from NNPCL’s commercial department, obtained by DAILY POST, outlines the regional pricing scheme accompanying this reduction:
Lagos: N899.00
Warri: N970.00
Oghara: N970.00
Port Harcourt: N970.00
Calabar: N970.00
The price adjustment comes shortly after the Dangote Refinery, with a capacity of 650,000 barrels per day, announced changes to its pricing.
Billy Gillis Hary, National President of PETROAN, commended the price cut, describing it as a significant relief for motorists and citizens during the holiday season.
He highlighted the move as evidence of NNPCL’s commitment to providing affordable petroleum products.
“The reduction in PMS price by NNPCL reflects their dedication to making petroleum products more accessible and affordable for Nigerians. We appreciate their swift response to our call for fair pricing,” Hary said.
Earlier, PETROAN had urged NNPCL to align its pricing with the Dangote Refinery, which recently reduced its ex-depot price to N899.50 per litre from N970. With NNPCL’s latest adjustment, there is now a marginal price difference of N0.50 between the two entities for oil marketers.
Currently, petrol prices at filling stations in Nigeria range between N1,015 and N1,150 per litre.