Petroleum retailers and marketers have hinted that Nigerians should expect more premium motor spirit (PMS) price reductions as the Nigerian National Petroleum Company Limited and Dangote Refinery commenced a fresh price war between both firms .
NNPC on Monday, March 3 announced its new petrol prices of N860 and N880 per litre, respectively, and NNPCL retail outlets have reflected the new pump price of N880 per litre.
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This comes after Dangote Refinery dropped its petrol price to N880 per litre.
The development has reportedly sparked a fresh petrol price war between NNPCL and Dangote Refinery.
Reacting, National President of Petroleum Retailers Outlets Owners Association and his counterpart of the Independent Petroleum Marketers Association of Nigeria, Billy Gillis-Harry and Abubakar Maigadi, respectively, said Nigerians should expect more petrol price drops amid the competition between NNPCL and Dangote refinery.
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Gillis-Harry said Nigerians are in an advantageous position in what he described as a necessary business war between NNPCL and Dangote Refinery.
“The new price has been reflected on our portal.
“This price reduction will be a huge relief to many Nigerians struggling to make ends meet.
“The reduction in PMS prices is expected to positively impact Nigerians’ lives.
We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers,”
Maigandi said what is happening in the downstream oil and gas sector is the beauty of deregulation.
, “It is not surprising because Dangote petrol is selling at that rate.
“This is what we have been telling the government to deregulate the sector. The price will start coming down. Investors have started coming.
“The reduction in petrol price means joy to Nigerians and marketers,”
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