The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has confirmed a price reduction for Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPCL). T
he price adjustment lowers the cost from ₦1,045 per litre to ₦1,030 per litre.
This announcement was made by PETROAN's National President, Dr. Billy Harry, during a strategic meeting and award presentation held in Abuja on Thursday, November 28, 2024.
“Today, NNPCL has reduced their price to 1,030 Naira,” Harry said, while expressing optimism for further price reductions. We are still hoping and pushing that it will still come down low,” he added.
The move comes amid competition from Dangote Refinery and Petrochemicals, which currently sells PMS at ₦970 per litre to marketers, albeit with a minimum purchase requirement of two million litres. In contrast, NNPCL does not impose volume restrictions, providing more flexibility for marketers.
Explaining the implications of the pricing dynamics, Harry highlighted the financial challenges faced by retail outlet owners.
“Because most of our members are going to be struggling to get 50 million Naira, or thereabout, or even 60 million Naira to buy products. Now, that is not what is easily affordable. So, we, as retail outlet owners, you can see why we are very close to NNPC,” he said.
“Because we can go there and buy one product, sell, quickly turn it around, and then come back. But then, if we have to buy two million liters, we must go together.”
Harry also disclosed that NNPCL has activated its portal for marketers to commence product lifting as of Wednesday. He emphasized that the ongoing competition fostered by the free market system is likely to further drive down petrol prices.
“And as I speak to you, they (NNPCL) are already programming for us on the current price,” he said. In light of the availability of domestically refined products, PETROAN has suspended plans to import petrol, opting instead to prioritize local refineries.
“So, we are not going to start importing if there is product available. So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria,” Harry stated.
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