BREAKING: NNPCL REDUCES PETROL PRICE TO N899 PER LITRE

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The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (petrol) from N1,020 to N899 per litre.

This development follows a similar price reduction by the Dangote Refinery, which recently set its price at N899 per litre. The change was confirmed in a statement by the Petroleum Products Retail Outlets Owners Association of Nigeria on Saturday.

According to the statement signed by the association’s National Public Relations Officer, Dr. Joseph Obele, and based on a document from NNPCL’s Commercial Department, the price adjustment aligns with a regional pricing scheme.

The revised pricing indicates that marketers will now purchase petrol at N899 per litre, which aligns with the price offered by the Dangote Refinery.

However, marketers sourcing petrol from depots in Warri, Oghara, Port Harcourt, and Calabar will pay a slightly higher rate of N970 per litre.

The statement read, “The Nigerian National Petroleum Company Limited 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.

Dr. Obele pointed out that the reduction by NNPCL reflects the influence of deregulation, which has intensified competition within the downstream oil 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 trigger a price competition among oil marketers, which could ultimately result in benefits for consumers.

More details later…