JUST IN: NNPCL Reduces Petrol Price

The Nigerian National Petroleum Company Limited (NNPCL) has reduced its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N899 per litre, from the previous N1,020 for oil marketers.

This was contained in a statement on Saturday by Joseph Obele, spokesperson for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

According to a document released by the NNPC’s commercial department and seen by DAILY POST, the price reduction follows a regional pricing scheme, with the new prices set as follows: Lagos, N899.0; Warri, N970.0; Oghara, N970.0; Port Harcourt, N970.0; and Calabar, N970.0.

This adjustment follows recent price changes announced by the 650,000 barrels per day Dangote Refinery.

Reacting to the reduction by the nation’s oil company, Billy Gillis Hary, National President of PETROAN, stated that the new pricing would offer relief to motorists and Nigerians during the holiday season. He praised the move as a demonstration of NNPCL’s commitment to making petroleum products more affordable.

“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices,” Hary remarked.

Meanwhile, PETROAN had earlier urged the NNPCL to follow the lead of Dangote Refinery, which had reduced its ex-depot price.

Dtruth Insights recalls that on Thursday that the Dangote Refinery lowered its price to N899.50 per litre from N970.  With the new development from the NNPCL, there’s a slight margin of N0.50 between the prices of NNPC and Dangote Petrol for oil marketers.

Currently, Nigerians are purchasing petrol at filling stations for prices ranging from N1,015 to N1150 per litre.