NNPCL Reduces Petrol Ex-Depot Price To ₦899/Litre

The Nigerian National Petroleum Company Limited (NNPCL) has reduced its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,020 to ₦899 per litre.

This development was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) days after the Dangote Refinery set its price at ₦899 per litre, intensifying competition in the deregulated downstream sector.

PETROAN’s National Public Relations Officer, Dr Joseph Obele in a statement released on Saturday cited a document from NNPCL’s Commercial Department detailing the new regional pricing scheme.

The document indicates that marketers sourcing petrol from depots in Warri, Oghara, Port Harcourt, and Calabar will pay ₦970 per litre, while others will enjoy the reduced price of ₦899 per litre.

“The reduction by NNPCL underscores the competitive impact of deregulation in the downstream sector,” Obele stated.

He emphasized that deregulation has spurred increased competition, prompting oil marketers to adjust pricing strategies.

This development is anticipated to ignite a price war among oil marketers, ultimately benefiting consumers with reduced pump prices.

Industry experts predict that the pricing competition will reshape the downstream oil market, improving the affordability and availability of petrol nationwide.