In a move aimed at easing the financial burden on Nigerians, the Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦899 per litre. The price adjustment marks a significant decrease from the previous rate of ₦1,020 per litre.
The revised pricing was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), citing an official document from NNPCL’s Commercial Department. According to PETROAN’s National Public Relations Officer, Dr. Joseph Obele, the price change follows a regional pricing scheme. Under this structure, petrol will retail at ₦970 per litre in certain parts of the South-South region.
Competitive Market Dynamics Drive Change
This price adjustment comes just days after the Dangote Refinery in Lagos reduced its petrol price to ₦899.50 per litre for marketers. Analysts attribute NNPCL’s move to the increasing competition in the deregulated downstream sector, which has driven market players to offer competitive pricing.
Industry Leaders Applaud the Move
Dr. Billy Gillis-Harry, National President of PETROAN, praised the price reduction as a timely and welcome development that will bring relief to Nigerians, especially during the festive period.
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“The reduction in PMS price by NNPCL demonstrates their commitment to making petroleum products more accessible and affordable for Nigerians,”
Dr. Gillis-Harry said. Benefits for Nigerians
The price cut is expected to yield several benefits for consumers, including:
- **Lower transportation costs**: Motorists will spend less on fuel, increasing their disposable income.
- **Stimulated economic growth**: Reduced production costs will encourage economic activity and boost demand for goods and services.
- **Improved standard of living**: Lower fuel prices will decrease the overall cost of living, enabling Nigerians to afford basic necessities and enhance their quality of life.
As Nigerians prepare for the holiday season, the price reduction is anticipated to provide much-needed financial relief, reinforcing NNPCL’s role in supporting the nation’s economy.
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