The Nigerian National Petroleum Company Limited (NNPCL) has once again reduced its retail price for Premium Motor Spirit (PMS) to N965 per litre.
Observations at NNPCL retail outlets in Abuja revealed that the state-owned oil firm has adjusted its pump price from N1,040 to N965 per litre.
NNPCL filling stations along Kubwa Expressway are now dispensing PMS at the new price of N965 per litre. This represents a price reduction of N75. Earlier last week, the firm had reduced its petrol price to N1,040 per litre.
The latest price cut follows a similar move by Dangote Refinery, in partnership with MRS filling station, which reduced its petrol price to N935 from N1,060 per litre.
Consequently, Nigerians now buy petrol at N965 and N935 per litre at NNPCL and MRS filling stations in Abuja, respectively. The price difference between MRS and NNPCL now stands at N30 per litre.
A price war has emerged between Dangote Refinery and NNPCL, leading to these reductions. In response to the development, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, expressed optimism about further petrol price cuts amid the competition.
NNPCL and Dangote Refinery have also reviewed and reduced the ex-depot prices of their petrol. NNPCL reduced its ex-depot price to N899 per litre from N1,020, while Dangote Refinery reduced its ex-depot petrol price to N899.50 per litre, down from N970.
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