The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,020 to ₦899 per litre.

Dr. Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the price adjustment, citing official documentation from NNPCL’s Commercial Department. The regional pricing scheme under this adjustment sets PMS prices at ₦970 per litre in parts of the South-South region.

The price slash aligns with a recent adjustment by Dangote Refinery, which also reduced its petrol price to ₦899.50 per litre for marketers. These developments signal intensified competition in the deregulated downstream petroleum sector.

“The national oil firm’s price reduction reflects the competitive dynamics introduced by deregulation,” NNPCL stated, emphasizing its commitment to affordability.

Dr. Billy Gillis-Hary, National President of PETROAN, praised the reduction as a timely relief for Nigerians, particularly during the festive season.

“This price adjustment demonstrates NNPCL’s effort to ease the burden on Nigerians by making petroleum products more affordable,” he said.

Highlighting the benefits for consumers, Gillis-Hary noted:

• Lower transportation costs: Reduced fuel expenses will save motorists money, boosting disposable income.
• Economic stimulation: Lower production costs and increased demand for goods and services.
• Improved living standards: Decreased costs of living, enabling Nigerians to afford basic necessities.

He also commended Dangote Refinery’s earlier reduction for fostering healthy competition within the sector, benefiting consumers across the country.