NNPCL slashes petrol price below ₦1000 per litre — PETROAN
The Nigerian National Petroleum Company Limited (NNPCL) has significantly reduced the price of Premium Motor Spirit (PMS), bringing relief to Nigerians amidst economic challenges.
In a statement released on Saturday, Dr. Joseph Obele, the National PRO of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the price reduction as a strategic response to deregulation in the downstream sector.
The ex-depot price of PMS has been reduced from ₦1,020 to ₦899 per litre, with regional prices adjusted as follows:
Lagos: ₦899
Warri: ₦970
Oghara: ₦970
Port Harcourt: ₦970
Calabar: ₦970
READ ALSO: Dangote cuts petrol price to ₦899 per litre, impacting importers
PETROAN National President, Dr. Billy Gillis Hary, hailed the price reduction as a “welcome development” that would ease the burden on motorists and improve the standard of living.
“The reduction in PMS prices is a testament to NNPCL’s commitment to making petroleum products affordable for Nigerians,” Dr. Hary remarked.
He outlined the benefits of the new pricing:
Reduced transportation costs: Leading to more disposable income for citizens.
Economic growth: By lowering production costs and increasing demand for goods and services.
Better living standards: Making basic necessities more affordable.
Dr. Hary also praised Dangote Refinery for its earlier efforts in reducing prices, which contributed to healthy competition in the sector. He called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to enforce quality assurance amidst the price competition.
Dr. Joseph Obele expressed optimism for further price reductions by January 2025, citing declining global crude oil prices and the naira’s recent gain against the dollar. He also urged the government to privatize state-owned refineries to sustain the benefits of deregulation.
PETROAN assured Nigerians that its zonal and state leadership would monitor retail outlets to ensure the price reductions are fully implemented, providing relief to citizens across the nation.
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