The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, for marketers.
The price now stands at N1,030 per litre, down from the previous N1,045 per litre.
The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) revealed the news at its strategic meeting and award presentation held in Abuja on Friday.
Dr. Billy Harry, the association’s National President, disclosed that the reduction was in response to market dynamics, with the Dangote Refinery offering petrol at a lower rate of N970 per litre to marketers.
“The NNPCL’s decision to reduce the price will allow marketers to purchase petrol at a more competitive price, which we hope will eventually translate into lower retail prices for consumers,” Dr. Harry said.
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He added that the association remains committed to ensuring that petrol prices remain affordable for Nigerians, expressing optimism that further price cuts could follow.
While Dangote Refinery imposes a minimum purchase of two million litres, the NNPCL has no such restriction, which provides added flexibility for marketers.
READ ALSO: Port Harcourt Refinery Begins Sales of Petrol at N1,030 Per Litre as Operations Stabilize
Dr. Harry acknowledged the influence of the competition, saying, “The competition will bring down the price.”
In a significant move, PETROAN also confirmed that the association would no longer pursue the importation of petrol, as domestic refineries, including Dangote and the government-owned facilities in Port Harcourt and Warri, are now adequately supplying the market.
“We are not going to start importing when we can source petrol through Naira-dominated transactions from local refineries,” Dr. Harry affirmed.
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