The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), or petrol, to N899 per litre, down from the previous N1020 for oil marketers.
Joseph Obele, spokesperson for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed this price cut in a statement on Saturday.
According to a document released by the NNPC’s commercial department and seen by DAILY POST, the price reduction follows a regional pricing scheme, with the new prices set as follows: Lagos, N899.0; Warri, N970.0; Oghara, N970.0; Port Harcourt, N970.0; and Calabar, N970.0.
This adjustment comes in response to the recent price changes announced by Dangote Refinery.
Reacting to the reduction, Billy Gillis Hary, National President of PETROAN, stated that the new pricing would offer relief to motorists and Nigerians during the holiday season. He praised the move as a demonstration of NNPCL’s commitment to making petroleum products more affordable.
“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices,” Hary remarked.
PETROAN had previously urged NNPCL to follow the lead of Dangote Refinery, which had reduced its ex-depot price. On December 19, 2024, Dangote Refinery lowered its price to N899.50 per litre from N970, creating a slight margin of N0.50 between the prices of NNPC and Dangote Petrol.
Currently, Nigerians are purchasing petrol at filling stations for prices ranging from N1040 to N1150 per litre.
