Nigeria’s state oil giant, the Nigerian National Petroleum Company Limited (NNPC) has followed the example of Dangote Refinery slash prices of Premium Motor Spirit (PMS) otherwise known as petrol to ₦899.50 per litre.
The NNPC’s ex-depot price is now ₦899 per litre in Lagos but ₦970 in Warri, Oghara, Port Harcourt, and Calabar.
On Thursday, December 19, Dangote cut price from ₦970 to ₦899.50. The latest move by NNPC has led analysts to speculate this could be the beginning of a “price war” among oil majors, ultimately benefiting the Nigerian consumers.
Nigeria is Africa’s largest market with estimates ranging between 35 million to 85 million litres of PMS consumed daily.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) commended the NNPC for responding to the call for affordable petrol prices.
Chairman of PETROAN, Dr Billy Gillis-Harry said the price slash was a demonstration of the NNPCL’s commitment to making petroleum products more affordable for Nigerians.
“Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services. The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life,” Gillis-Harry argued.
Dangote Refinery is also now partnering with MRS Oil to reduce the pump price of petrol. Aliko Dangote, President of Dangote Group, attributed the reduction in petrol prices to the Naira-for-crude deal and commended President Bola Tinubu for the positive economic impact.
Dangote said, “To ensure that this price reduction reaches the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre.”
Comment, Like 👍, share this article, and Follow us on our social media handles.
WhatsApp Channel
Telegram Channel
 has reduced the ex-depot price of petrol to N899 per litre, while Dangote Refinery partners with MRS Oil to sell petrol at N935 per litre, sparking a price war among oil marketers.){kind=link}