The Nigerian National Petroleum Company Limited (NNPCL) has decreased the pump price of Premium Motor Spirit (PMS), or petrol, to N899 per litre. The product formerly sold for N1,020.
According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the NNPCL determined the new price.
According to a paper provided by NNPCL’s Commercial Department, the association’s National Public Relations Officer, Dr. Joseph Obele, stated that the drop was based on a regional pricing structure under which it will sell for N970 per litre in areas of the South South zone.
The development comes two days after the Dangote Refinery in Lagos reduced fuel prices to N899.50k for marketers.
“In response to the competitive impact of deregulation in the downstream sector, the Nigerian National Petroleum Company Limited has taken a significant step. The national oil firm’s price reduction is perceived as a reaction to the competitive impact of deregulation, which has resulted in increased competition in the downstream sector,” the statement in part reads.
According to PETROAN’s National President, Dr. Billy Gillis Hary, the price reduction is a wonderful step that will provide assistance to motorists and Nigerians throughout the holiday season.
“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,” he said.
He enumerated the advantages of the price reduction for consumers, which included:- Lower transportation costs: With lower PMS prices, motorists will spend less on petrol, resulting in more spare cash. Lower gasoline prices will boost economic activity by lowering manufacturing costs and raising demand for goods and services. – Improved level of living: The price reduction will lower the cost of living, allowing Nigerians to afford basic essentials and live a higher quality of life.
