By Our Correspondent
The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS) by 12%, from ₦1,020 to ₦899 per litre.
According to Vanguard, this price cut is expected to lower transportation costs and reduce the cost of living for Nigerians.
While Lagos will see the ₦899 rate, other cities like Warri, Oghara, Port Harcourt, and Calabar will have the ex-depot price set at ₦970 per litre.
Dr. Billy Gillis Hary, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), welcomed the reduction, noting that it would lead to increased disposable income and economic growth.
He also praised Dangote Refinery for its own price cut, which has fostered competition within the sector.
PETROAN’s technical pricing team raised concerns about potential quality compromises due to competitive pricing but emphasized that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) must ensure quality standards are met.
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