Kehinde Fajobi
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by 12% to ₦899 per litre in Lagos, down from ₦1,020 per litre.
Other locations, such as Warri, Oghara, Port Harcourt, and Calabar, will have an ex-depot price of ₦970 per litre.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gillis-Harry, described the price cut as a positive development, commending NNPCL for its commitment to making fuel more affordable for Nigerians.
“The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians,” Harry stated.
“This will lead to reduced transportation costs, increased disposable income, and a decrease in the cost of living. It’s a move that will stimulate economic growth and improve the quality of life for Nigerians.”
Dr Gillis-Harry also acknowledged Dangote Refinery’s earlier price reduction, which, he noted, had heightened competition in the downstream sector.
He emphasised that competitive pricing benefits the economy but called for strict quality assurance standards to avoid compromised product quality.
Eastern Zonal Chairman of PETROAN, High Chief Sunny Nkpe, assured that the association’s state and zonal executives would monitor the situation to ensure the price cuts benefit consumers.
Additionally, PETROAN’s National Public Relations Officer, Dr Joseph Obele, expressed optimism about further price reductions by January 2025 due to the global decline in crude oil prices and the naira’s recent appreciation against the dollar.
In a related development, Dangote Industries President Aliko Dangote praised President Bola Ahmed Tinubu’s crude-for-naira swap deal, citing its positive impact on fuel pricing.
As part of its efforts to support Nigerians, Dangote Refinery recently lowered the price of PMS to ₦899.50 per litre at its loading gantry and partnered with MRS to sell petrol at ₦935 per litre at retail outlets nationwide.
Anthony Chiejina, Chief Branding and Communications Officer for Dangote Group, said: “Our aim is for all Nigerians to have ready access to high-quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.”
With increased competition in the downstream sector, industry operators anticipate further market dynamics to improve affordability and accessibility for Nigerians.