The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, for marketers.
Effective immediately, the new price is N1,030 per litre, a slight decrease from the previous rate of N1,045 per litre.
The price adjustment was revealed by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) during its strategic meeting and award ceremony in Abuja on Friday. Speaking at the event, the association’s National President, Dr. Billy Harry, confirmed the price change and expressed optimism for further reductions.
“We are hopeful and actively pushing for an even lower price,” Dr. Harry stated, adding that marketers are engaging with the NNPCL to secure additional price cuts. PETROAN, he said, remains committed to ensuring affordable petrol prices for Nigerians.
The NNPCL’s decision appears to be a response to competition from the Dangote Refinery and Petrochemicals, which currently offers petrol to marketers at N970 per litre. Unlike the Dangote Refinery, which requires a minimum purchase of two million litres, the NNPCL imposes no such restrictions.
Dr. Harry emphasized that this development would allow marketers to source petrol at a lower cost and sell competitively, thereby benefiting consumers. He noted, “The competition will naturally drive prices down. The NNPCL has already adjusted its pricing, and marketers can begin lifting products immediately.”
The availability of domestic petrol supplies has also led PETROAN to shelve its plans to import petrol, according to Dr. Harry. He explained that the association prefers domestic transactions conducted in Naira over imports that require foreign exchange.
“If products are available locally, we have no need to seek dollars for importation. We will source from Dangote, Port Harcourt Refinery, Warri Refinery, and other local refineries,” Dr. Harry concluded.
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