NNPCL slashes petrol price to N899 in Lagos, N970 in other states – PETROAN 

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) said the Nigeria National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 in Lagos, and N970 in other states.

This is contained in a statement by the National Public Relations Officer of PETROAN, Dr Joseph Obele, on Saturday.

Quoting a document released to marketers by the commercial department of NNPC, he listed the new prices in NNPCL outlets in five cities to include:

Obele noted that the reduction in price is a “response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.” 

This is coming days after the Dangote refinery slashed petrol price from N970 to N899.50 at its plant.

ThePressNG reported that the private refinery has partnered with MRS Petrol Station to sell to consumers at N935 per liter.

Dr Obele, in his statement, described the development as a price war that will be “ultimately benefiting consumers.”

“According to the National President of PETROAN, Dr. Billy Gillis Hary, the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season,” the statement added.

“The Zonal leaderships of PETROAN and state Executive Councils across the 36 states of the federation have expressed optimism that the recent price reduction by NNPC will bring relief and put smiles on the faces of Nigerians at various retail outlets nationwide. 

“This optimism stems from the fact that the price reduction will have a ripple effect on the economy, leading to reduced transportation costs, increased economic activity, and an improved standard of living for Nigerians,” the statement read further.