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NNPCL has reduced the pump price of premium motor spirit (PMS) to N895 per litre from N910.
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The price reduction comes days after Dangote Refinery and its partners slashed their fuel price to N875 and N895 in Lagos and Abuja.
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of premium motor spirit (PMS) to N895 per litre from N910, a reduction of N15.
This development comes as NNPCL aims to remain competitive in the market.
The price reduction follows a similar move by Dangote Refinery and its partners, who slashed their fuel price to N875 and N895 in Lagos and Abuja.
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Other filling stations had also reduced their petrol pump prices to between N900 and N910 per litre. According to a motorist, Muhammad Ibrahim, “It is long expected because other filling stations have reduced their petrol prices.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, noted that marketers are now competing favourably with NNPCL following the liberalisation of the country’s downstream oil and gas sector.
However, Ukadike also expressed concerns that NNPCL is encouraging monopoly over controversies surrounding the rehabilitation of Port Harcourt, Warri, and Kaduna refineries.
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The price reduction is expected to avail Nigerians more competitive prices. As the market continues to evolve, consumers are likely to benefit from the increased competition among fuel retailers.
With NNPCL’s new price, motorists like Muhammad Ibrahim are hopeful that the development will bring some relief to Nigerians.
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