NNPCL slashes petrol price to N899
The Nigerian National Petroleum Company Limited (NNPCL) has slashed the pump price of Premium Motor Spirit (PMS), known as petrol, to N899 per liter from N1,020.
Dr Joseph Obele, the National Public Relations Officer of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said in a statement that the price adjustment aligned with the competitive dynamics of deregulation in the downstream sector.
Dr Obele said the slash would intensify competition among oil marketers.
He described it as a significant step towards more affordable fuel prices.
The price reduction also includes variations based on regional pricing.
Lagos motorists will pay N899 per liter; Warri and Oghara residents will see prices at N970 per liter, while Port Harcourt and Calabar will be charged N970.0.
Dangote Petroleum Refinery had earlier announced a price reduction for petrol to N899.50 per litre to provide relief to Nigerians during the holiday season.
Writing by Chinasa Ossai
