The Nigerian National Petroleum Company Limited has announced a reduction in the ex-depot price of Premium Motor Spirit, commonly known as petrol, from N1,020 to N899 per litre.
This adjustment aligns with a similar price set by the Dangote Refinery days earlier.
The Petroleum Products Retail Outlets Owners Association of Nigeria confirmed this development in a statement released on Saturday.
The statement, signed by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, highlighted the price adjustment as part of a regional pricing scheme.
According to Obele, the ex-depot price for marketers purchasing from Warri, Oghara, Port Harcourt, and Calabar remains slightly higher at N970 per litre.
“The reduction by NNPCL signifies a competitive shift in the downstream sector as deregulation continues to reshape the market,” Obele stated.
He expressed optimism that petrol prices could drop further by January 2025, citing the decline in global crude oil prices and the naira’s recent appreciation against the dollar.
Obele described the ongoing adjustments as a “price war,” emphasizing that the competition between Dangote Refinery and NNPCL underscores the benefits of deregulation.
He also called for the privatization of government-owned refineries to further boost competitiveness and efficiency.
