The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre, down from N1,020.
This adjustment, according to Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), reflects the competitive dynamics of the deregulated downstream oil sector. He noted that the price slash is expected to stimulate healthy competition among oil marketers and promote affordability for consumers.
Regional pricing variations accompany the reduction, with motorists in Lagos paying N899 per litre, while residents in Warri, Oghara, Port Harcourt, and Calabar will purchase petrol at N970 per litre.
Earlier, the Dangote Petroleum Refinery had also announced a price adjustment to N899.50 per litre, aimed at easing the financial burden on Nigerians during the festive season.
This development marks a significant effort by industry players to align with market forces while ensuring more accessible fuel pricing for Nigerians.
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