Fuel Relief: NNPCL Reduces PMS Price to N899 Per Litre

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 its previous price of N1,020. 

This development follows a similar price adjustment by Dangote Refinery, which recently reduced its petrol price to N899.50 per litre for marketers in Lagos.

The price adjustment by NNPCL is part of a regional pricing scheme, according to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN). Under the new arrangement, the product will sell for N970 per litre in parts of the South-South region.

“In response to the competitive impact of deregulation in the downstream sector, the Nigerian National Petroleum Company Limited has taken a significant step,” a document from NNPCL’s Commercial Department stated.

The National Public Relations Officer of PETROAN, Dr. Joseph Obele, emphasized the strategic nature of this price reduction. “This move by NNPCL reflects the growing competition in the deregulated downstream sector,” he noted.

The National President of PETROAN, Dr. Billy Gillis-Harry, described the reduction as a welcome relief for Nigerians, especially during the holiday season. He stated that the reduction demonstrates NNPCL’s commitment to making petroleum products more affordable for Nigerians and commended the company for responding to calls for more affordable PMS prices.

He explained that the reduction would bring several benefits to Nigerians. Lower fuel prices will reduce transportation costs, allowing motorists to spend less on fuel and increase their disposable income. It will also stimulate economic growth by reducing production costs and increasing demand for goods and services. 

Furthermore, it will lead to a decrease in the cost of living, enabling Nigerians to afford basic necessities and enjoy a better quality of life.

Hary also praised Dangote Refinery for its earlier price reduction, noting that it had intensified competition in the downstream sector. He appreciated the refinery for setting the pace in this competitive market, which has ultimately benefited Nigerians.