The Nigerian National Petroleum Company (NNPC) Limited has reduced the ex-depot price of petrol to N899 per litre in Lagos, a decision that reflects growing competition in the downstream sector. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) disclosed this in a statement on Sunday, describing the move as a direct response to the dynamics of deregulation.
This price cut follows a similar reduction by the Dangote Refinery, which recently adjusted its ex-depot petrol price to the same amount. PETROAN’s national public relations officer, Joseph Obele, said the new pricing regime is fostering competition among oil marketers, a development likely to benefit consumers through potential price reductions at retail outlets.
“The company recently reduced the ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 per litre, a move that has been commended by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN),” Obele noted.
According to a document from the NNPC’s commercial department, the reduction is part of a regional pricing scheme. While Lagos enjoys the lowest price at N899 per litre, other regions, including Oghara, Port Harcourt, and Calabar, will see ex-depot prices set at N970 per litre.
The development marks a significant shift in the downstream oil market, with deregulation driving increased competition among suppliers. Observers expect this trend to lead to greater price efficiency, enhanced supply chain dynamics, and potentially more affordable fuel for Nigerians.
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