NNPC slashes petrol price below N1,000 per litre — PETROAN

NNPC slashes petrol price below N1,000 per litre — PETROAN

By Fly Cable News

The Nigerian National Petroleum Company Limited (NNPCL) has cut down prices of Premium Motor Spirit below ₦1,000 per litre. A statement signed by the Petroleum Products Retail Outlets Owners Association of Nigeria’s National Public Relations Officer, Dr Joseph Obele on Saturday, said the move was a significant step in response to the competitive impact of deregulation in the downstream sector.

“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. The move is expected to spark a price war among oil marketers, ultimately benefiting consumers. “The company recently reduced the ex-depot price of Premium Motor Spirit (PMS) from ₦1,020 to ₦899 per litre, a move that has been commended by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

“The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has hailed the Nigerian National Petroleum Company Limited (NNPCL) for responding to the call for affordable Premium Motor Spirit (PMS) prices,” the statement said in part.
The association said a document released by the NNPC commercial department indicated a reduction based on the regional pricing scheme as:

Lagos: ₦899.0
Warri: ₦ 970.0
Oghara: ₦970.0
Port Harcourt: ₦970.0
Calabar: ₦ 970.0

According to the National President of PETROAN, Dr. Billy Gillis Hary, the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.