By Jemimah Wellington, JKNewsMedia Reporter
THE PRICE of Premium Motor Spirit (PMS) has dropped significantly, following the Nigerian National Petroleum Company Limited’s (NNPCL) decision to lower its ex-depot price from ₦1,020 to ₦899 per litre.
This action comes amid rising competition in the deregulated downstream petroleum sector.
Dr Joseph Obele, National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the development on Saturday, calling it a strategic response to deregulation pressures.
Obele commended NNPCL for making petrol more affordable for Nigerians, especially during the holiday season.
Meanwhile, Dangote Refinery had announced a similar reduction, setting its petrol price at ₦899.50 per litre, alongside a credit scheme for customers.
According to Dangote’s Chief Branding Officer, Anthony Chiejina, the scheme allows customers purchasing petrol on cash terms to buy an additional litre on credit with guarantees from select banks.
Currently across Nigeria, petrol prices at filling stations range between ₦1,040 and ₦1,150 per litre.
PETROAN’s Obele said they anticipate further reductions, citing falling global crude oil prices and the naira’s recent appreciation.
PETROAN President, Dr Billy Harry, also expressed optimism about the positive impact on transportation costs, consumer spending, and economic activity.
However, he cautioned against potential compromises in product quality, urging regulatory authorities to enforce strict compliance standards.
