The Nigerian National Petroleum Company Limited (NNPCL) has reduced its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria confirmed on Saturday that the Dangote Refinery’s price reduction to N899 was based on a regional pricing scheme.
The statement was signed by the association’s National Public Relations Officer, Dr. Joseph Obele, and cited a document from NNPCL’s Commercial Department. The price indicates that marketers will buy the product.
Marketers buying from Warri, Oghara, Port Harcourt, and Calabar will, however, pay N970 per litre to offtake products.
The statement read, “The Nigerian National Petroleum Company Limited (NNPCL) has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
Obele stated that the national oil firm’s price drop is considered a response to the competitive impact of deregulation, which has resulted in more competition in downstream sectors.
The decision is expected to set up a pricing war among oil marketers, ultimately benefiting consumers.
Dangote Refinery has announced a reduction in the price of Premium Motor Spirit, petrol, to ₦899.50 per litre, in a bid to offer Nigerians some relief as the holiday season approaches.
Anthony Chiejina, Group Chief Branding and Communications Officer of the Dangote Group, made this announcement in a statement on Thursday.
“Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below ₦900 per litre to provide much-needed relief for Nigerians ahead of the holiday season,” Chiejina stated.
