The Nigerian National Petroleum Company Limited (NNPCL) has lowered the pump price of Premium Motor Spirit (PMS), or petrol, to N899 per litre, down from the previous N1,020.
This adjustment follows a similar move by Dangote Refinery, which recently set its price at N899.50.
According to Dr. Joseph Obele of PETROAN, the pricing varies regionally, with the South-South seeing rates at N970 per litre under NNPCL’s regional scheme.
PETROAN President, Dr. Billy Gillis Hary, hailed the decision, noting its potential to reduce transport costs, boost economic activity, and improve Nigerians’ standard of living. He emphasized the role of deregulation in fostering competition in the downstream sector.
Hary also acknowledged Dangote Refinery’s earlier reduction, crediting it for spurring competition and market affordability.
