NNPC reduces petrol ex-depot price to N899, boost marketers competition
The Nigerian National Petroleum Company Limited (NNPCL) has cut down prices of Premium Motor Spirit below ₦1,000 per litre.
This was revealed in a statement signed by the Petroleum Products Retail Outlets Owners Association of Nigeria’s National Public Relations Officer, Dr Joseph Obele on December 21, 2024.
He 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).
PETROAN has hailed the NNPCL for responding to the call for affordable PMS prices,” the statement read in part.
