In a move to ease the financial burden on Nigerians, the Nigerian National Petroleum Company Limited (NNPCL) has slashed the price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre. This reduction comes after the price was previously set at N1,020 per litre.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed that the NNPCL had set this new price. Dr. Joseph Obele, the National Public Relations Officer of PETROAN, referred to a document released by NNPCL’s Commercial Department. According to the document, the price will vary slightly, with some regions, such as parts of the South-South, seeing the petrol sold at N970 per litre.

This price adjustment follows closely after the Dangote Refinery in Lagos also reduced its petrol price to N899.50k for marketers, signaling a trend in the industry towards more affordable fuel.

The price cut is widely regarded as a response to deregulation in the downstream oil sector, which has increased competition. The NNPCL’s decision is seen as a step towards making petrol more affordable for Nigerians while promoting fair competition in the industry.

Dr. Billy Gillis Hary, the National President of PETROAN, expressed his approval of the price reduction. He stated that the move would provide much-needed relief to motorists and Nigerians, especially as the holiday season approaches. He also highlighted that the reduction would benefit consumers by lowering transportation costs, boosting economic activity, and improving living standards. With lower fuel prices, consumers will have more disposable income, and businesses will see lower production costs, leading to greater economic growth.