The recent reduction in the pump price of Premium Motor Spirit (PMS), announced by the Nigerian National Petroleum Company Limited (NNPCL), has drawn praise from energy experts and end users.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) described the development as a significant relief for consumers and a testament to increased competition in the downstream sector.
According to PETROAN’s National Public Relations Officer, Dr. Joseph Obele, the NNPCL has reduced the ex-depot price of PMS from N1,020 to N899 in Lagos and to N970 in other states.
The adjustments, as outlined in a document released to marketers by NNPCL’s commercial department, set prices at the following rates: Lagos: N899.00; Warri: N970.0; Oghara: N970.00; Port Harcourt: N970.00 and Calabar: N970.00.
Dr. Obele attributed the price reduction to the “competitive impact of deregulation,” which has fostered increased competition in the sector.
The move follows a recent price adjustment by the Dangote Refinery, which reduced its petrol price from N970 to N899.50 per liter and partnered with MRS Petrol Station to offer consumers petrol at N935 per liter.
PETROAN’s National President, Dr. Billy Gillis Hary, commended the competitive dynamic initiated by the Dangote Refinery, describing it as a “price war” that ultimately benefits consumers.
He noted that the reduction would provide relief to motorists and households during the holiday season and drive broader economic benefits.
“This reduction will help decrease transportation costs, stimulate economic activity, and improve the standard of living for Nigerians,” Dr. Hary stated.
The zonal and state leadership of PETROAN also expressed optimism that the price drop would ripple across the economy, boosting economic growth and reducing hardship for consumers.
