The Nigerian National Petroleum Company Limited (NNPC) has announced a significant reduction in the ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol.
Effective immediately, the price has been lowered from N1020 to N899 per litre for oil marketers, marking a strategic move to alleviate financial burdens on motorists and citizens during the festive season.
This price adjustment aligns with regional pricing schemes, with Lagos seeing the lowest rate at N899 per litre, while Warri, Oghara, Port Harcourt, and Calabar are set at N970 per litre.
The decision comes in response to recent price changes by Dangote Refinery, which had earlier reduced its ex-depot price to N899.50 per litre.
Joseph Obele, spokesperson for the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), confirmed the development in a statement on Saturday.
He noted, "The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians."
Billy Gillis Hary, PETROAN's National President, praised the initiative, stating, "We commend NNPCL for responding to our call for affordable PMS prices. This move will bring much-needed relief to motorists and Nigerians during the holiday season."
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