The Nigerian National Petroleum Company (NNPC) Limited has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,020 to N899 per litre
This price adjustment, aimed at responding to the competitive dynamics introduced by deregulation, is expected to intensify competition among oil marketers and lead to cost savings for consumers.
Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), disclosed the development in a statement shared with Advisors Reports on Saturday.
The announcement coincides with Dangote Refinery’s partnership with MRS, which has set the retail price of petrol at N935 per litre across its outlets nationwide. This follows a reduction in its ex-depot price from N970 to N899.50 per litre.
Obele noted that NNPCL’s decision reflects the growing competitive pressures in the downstream sector since deregulation was introduced. He highlighted that this move underscores the positive impact of market-driven competition within the industry.
