NNPCL Reduces Petrol Price to ₦899 Per Litre Nationwide

The Nigerian National Petroleum Company Limited (NNPCL) announces a reduction in petrol prices to ₦899 per litre, bringing relief to motorists amid fluctuating fuel costs.

The Nigerian National Petroleum Company Limited (NNPCL) has announced a drop in the pump price of Premium Motor Spirit (PMS), also known as petrol, to N899 per litre. This represents a noteworthy decrease from the previous rate of N1,020 per litre.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) announced the price adjustment, referencing a document from the Commercial Department of NNPCL.

Dr. Joseph Obele, the National Public Relations Officer for PETROAN, stated that the updated pricing is a component of a regional strategy. For example, in certain areas of the South-South region, petrol will be sold at N970 per litre under this new framework.

This decision follows closely on the heels of Dangote Refinery in Lagos lowering its petrol price to N899.50 per litre for marketers.

According to a statement from the Nigerian National Petroleum Company Limited, they have taken a notable action in reaction to the competitive effects of deregulation within the downstream sector.

In his remarks on the development, Dr. Billy Gillis Hary, National President of PETROAN, characterized the price reduction as a beneficial move that will help alleviate financial pressures for Nigerians during the festive season.

He stated, “NNPCL’s decision to lower PMS prices reflects the company’s dedication to making petroleum products more affordable for Nigerians.”

Hary also mentioned several advantages for consumers, such as reduced transportation costs, increased economic activity, and a better standard of living.

He also praised Dangote Refinery’s earlier price reduction, highlighting its contribution to fostering competition in the downstream sector.

“This is a positive development that highlights the significance of healthy competition within the industry,” Hary added.