NNPCL’s Petrol Price Drop: What N899 Per Litre Means for the Market
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,020 to N899 per litre in Lagos and N970 per litre in other states, including Port Harcourt.
This price adjustment follows a recent move by the Dangote Refinery, which lowered its petrol price to N899.50 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has welcomed this development, noting that the increased competition in the downstream sector is expected to benefit consumers through reduced transportation costs and overall economic growth.
However, PETROAN has cautioned that competitive pricing should not compromise product quality and has called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure compliance with quality assurance standards.
In Port Harcourt, the new ex-depot price is set at N970 per litre.
This reduction is anticipated to have a positive impact on the local economy by lowering transportation costs and improving the standard of living for residents.