The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of petrol. Effective immediately, the new price of petrol will be N899 per litre, down from the previous price of N1,020.
This was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), which cited a document released by NNPCL’s Commercial Department.
According to Dr. Joseph Obele, the National Public Relations Officer of PETROAN, the price reduction is based on a regional pricing scheme. Under this arrangement, petrol will sell for N970 per litre in certain parts of the South-South region.
Dangote Refinery in Lagos recently slashed its petrol price to N899.50 for marketers.
Industry observers perceive NNPCL’s price reduction as a strategic response to the competitive impact of deregulation in the downstream sector.
As noted in a statement by NNPCL, “In response to the competitive impact of deregulation in the downstream sector, the Nigerian National Petroleum Company Limited has taken a significant step.”
The statement further emphasized that the national oil firm’s price reduction is a reaction to the increased competition in the downstream sector.
Dr. Billy Gillis Hary, the National President of PETROAN, welcomed the price reduction, describing it as a demonstration of NNPCL’s commitment to making petroleum products more affordable for Nigerians. He commended NNPCL for responding to the association’s call for affordable PMS prices.
“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians,” Dr. Hary said. “We commend NNPCL for responding to our call for affordable PMS prices.”
 has announced a reduction in the pump price of petrol. Effective immediately, the new price of petrol will be N899 per litre, down from the previous price of N1,020.){kind=link}