The Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the ex-depot price of petrol to N899 per litre.
This move is part of the ongoing effects of deregulation in the petroleum sector, following similar reductions by the Dangote refinery.
In a statement released by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the association welcomed the price cut, which it sees as a response to the heightened competition in the market. PETROAN emphasized that the price reduction would benefit Nigerian consumers and promote competition among oil marketers. The association also noted that this development would lead to further price wars, ultimately reducing fuel prices for the average motorist.
The new price is expected to positively impact Nigerians, especially as the holiday season approaches. PETROAN’s president, Billy Gillis-Harry, described the reduction as a welcome relief for motorists. He praised the NNPC for demonstrating its commitment to making petroleum products more affordable for the general public.
The revised pricing will see petrol sold at N899 per litre in Lagos, while prices in other regions such as Oghara, Port Harcourt, and Calabar will be N970 per litre. PETROAN stated that the price reduction would continue to create a competitive market environment, ensuring that customers benefit from lower prices.
PETROAN’s public relations officer, Joseph Obele, expressed optimism about further reductions in the coming months. He attributed the declining petrol prices to global oil trends and the recent appreciation of the naira against the dollar. Obele also highlighted that the price cuts demonstrate the positive impact of competition in the downstream sector.
PETROAN has committed to monitoring the situation, ensuring that price reductions are passed on to consumers, and maintaining stability in the downstream sector.
