NNPCL reduces petrol price to N899 per litre

The Nigerian National Petroleum Company Limited (NNPCL) on Saturday announced the reduction of its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.

Recall that a few days ago, Dangote Refinery reduced its price to N899.

NNPCL’s announcement was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement, issued on Saturday, signed by the association’s National Public Relations Officer, Dr Joseph Obele.

Quoting a document released by NNPCL’s Commercial Department, the body said the development indicates a reduction based on regional pricing scheme.

The price indicated that marketers will buy the product at N899 per litre, matching the price offered by the Dangote.

READ ALSO: Nigeria needs $20bn to achieve economy target – Edun

Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.

The statement read: “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”

Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

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