The Nigerian National Petroleum Company (NNPC) Limited has reduced the price of Premium Motor Spirit (PMS), also known as petrol, across its retail outlets in Abuja.
Chronicle NG observed on Tuesday that the petrol price at a state-owned oil company retail outlet in Wuse Zone 3 was reduced from N935 to N910 per litre.
However, the petrol price at NNPC retail outlets in Lagos remained unchanged.
The development marks another phase in the downstream “price war” between the state-owned oil company and Dangote refinery.
On May 12, the Dangote refinery reduced the ex-depot petrol price to N825 per litre.
The price reduction followed a meeting between Bayo Ojulari, NNPC’s group chief executive officer (GCEO) and Aliko Dangote, founder of the Dangote Petroleum Refinery, on May 9, where they pledged to promote mutually beneficial partnerships and foster healthy competition between both organisations.
“There is no competition between us; we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business, and we are also part of the state-owned oil company . This is an era of co-operation between the two organisations,” Dangote said.
Ojulari, on May 12, assured that the pump price of petrol would reduce once new supplies are procured at lower costs, explaining that oil marketers purchased the current stock at high prices, hence the high cost of the product.
