The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to marketers.
The new price, which takes effect immediately, is N1,030 per litre, down from the previous price of N1,045 per litre.
The price reduction was announced by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) at its strategic meeting and award presentation in Abuja on Friday. The association’s National President, Dr. Billy Harry, disclosed that the NNPCL had reduced its price to marketers, and expressed hope that the price would come down further.
“We are still hoping and pushing that it will still come down low,” Dr. Harry said. He explained that the marketers were still pressing the NNPCL to further reduce the price, adding that the association was committed to ensuring that petrol prices were affordable for Nigerians.
The reduction in price by the NNPCL is seen as a response to the competition from the Dangote Refinery and Petrochemicals, which sells petrol to marketers at N970 per litre. The Dangote Refinery has a minimum purchase requirement of two million litres, while the NNPCL has no such restriction.
Dr Harry explained that the NNPCL’s decision to reduce its price would enable marketers to purchase petrol at a lower price and sell it to consumers at a competitive price. He noted that the competition from the Dangote Refinery would help to drive down petrol prices further.
“The competition will bring down the price,” Dr. Harry said. “As I speak to you, they (NNPCL) are already programming for us on the current price.”
He disclosed that the NNPCL had opened its portal for marketers to start lifting products, adding that the association had suspended its plan to import petrol due to the availability of the product from domestic refineries.
“We are not going to start importing if there is product available,” Dr. Harry said. “So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria.”
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