The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS), also known as petrol. This price adjustment is expected to lead to lower pump prices at filling stations across the country.
New Price Details
NNPCL has decreased its petrol price for marketers from ₦1,045 per litre to ₦1,030 per litre. This reduction comes as the festive season approaches, offering some relief to consumers. However, the new price is still higher than the ₦970 per litre price offered by Dangote Refinery, sparking calls for further reductions.
Marketers’ Reactions
Billy Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), confirmed the price cut during a meeting in Abuja. He expressed optimism that competition in the market will eventually bring prices down further. “We are hopeful that prices will continue to drop,” Harry stated.
Buying Flexibility for Marketers
Harry also highlighted that NNPCL’s sales system allows marketers to buy smaller quantities of fuel, making it easier for them to manage their stock and operations. Marketers can now lift products through an open portal set up by NNPCL, improving accessibility and convenience.
Impact on Fuel Prices
Filling stations nationwide are expected to adjust their pump prices in response to the reduced landing costs of fuel. Reports indicate that the cost of transporting fuel to Nigeria has dropped to ₦935.94 per litre, contributing to the overall price reductions.
This latest move by NNPCL aims to stabilise the fuel market and ease the burden on consumers, especially as the holiday season approaches. Further price reviews and market competition are expected to play a crucial role in shaping fuel prices in the coming months.