The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol.
The price has been adjusted from N1,020 to N899 per litre. This move, confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement issued on Saturday, follows a recent price slash by the Dangote Refinery to N899 per litre.
A document released by NNPCL’s Commercial Department revealed that the new pricing structure is part of a regional pricing framework. While marketers will purchase petrol at N899 per litre, buyers obtaining the product from Warri, Oghara, Port Harcourt, and Calabar will incur a higher cost of N970 per litre due to location-based adjustments.
In a statement signed by the association’s National Public Relations Officer, Dr. Joseph Obele, it was highlighted that NNPCL’s decision to reduce the price is perceived as a strategic response to the competitive dynamics introduced by the deregulation of the downstream sector.
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