In an action that shows direct reaction to an earlier decision by Dangote Refinery to slash the price of petrol, the Nigerian National Petroleum Company Limited (NNPCL) has also slashed the ex-depot price of the product from ₦1,020 to ₦899 per litre.
This adjustment follows a similar move by the Dangote Refinery, which recently reduced its petrol price to ₦899 per litre.
This is contained in a release issued by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Saturday, detailing the price adjustment under the regional pricing framework.
The release signed by PETROAN’s National Public Relations Officer, Dr. Joseph Obele makes it clear that Marketers will now purchase PMS at ₦899 per litre, aligning with the price set by the Dangote Refinery.
According to the statement, buyers sourcing from locations such as Warri, Oghara, Port Harcourt, and Calabar will pay ₦970 per litre.
The release noted that the decision demonstrates the growing influence of deregulation on the oil and gas market, fostering increased competition among stakeholders.
It expressed confidence that petrol prices would decline further before the end of January 2025 due to falling crude oil prices globally and the naira’s recent appreciation against the dollar.
The release further described the current trend as a “price war,” underscoring the benefits of competition and advocating for the full privatization of government-owned refineries to further enhance market efficiency.
