NNPC reduces petrol price to ₦899 per litre

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦1,020 to ₦899 per litre.

This price adjustment mirrors a similar move by Dangote Refinery, which recently set its petrol price at ₦899 per litre.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed the development in a statement issued on Saturday. The statement, signed by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, cited a document from NNPCL’s Commercial Department outlining the new regional pricing framework.

Under the updated pricing, marketers will purchase PMS at ₦899 per litre, consistent with the price at Dangote Refinery. However, buyers sourcing from locations such as Warri, Oghara, Port Harcourt, and Calabar will pay ₦970 per litre.

In the statement, PETROAN remarked, “The Nigerian National Petroleum Company Limited has made a strategic adjustment in response to the competitive dynamics of deregulation in the downstream sector. This reduction from ₦1,020 to ₦899 per litre reflects a shift towards fostering competition.”

Dr. Obele emphasized that the price adjustment underscores the growing impact of deregulation in Nigeria’s oil and gas industry, driving increased competition among market players.