NNPCL reduces petrol price to N1,030/litre

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) to marketers from N1,045 per litre to N1,030 per litre.

Dr. Billy Harry, the National President of PETROAN, made the disclosure during the association’s strategic meeting and award presentation in Abuja on Thursday.

He confirmed that the NNPCL had officially lowered the price to N1,030 per litre, but emphasized that marketers continue to press for further reductions.

“We are still hoping and pushing for the price to come down even further,” he said.

This price reduction comes as NNPCL faces competition from Dangote Refinery and Petrochemicals, which sells the product to marketers at a lower price of N970 per litre, with a minimum purchase volume of two million litres.

In contrast, NNPCL does not impose any volume restrictions on its marketers.

Harry explained that, despite the higher price, NNPCL’s flexibility in volume purchase makes it an attractive option for marketers, who would otherwise face challenges in securing the large capital needed to purchase from other suppliers.

READ ALSO: Dangote Refinery lowers ex-depot petrol price to N970 per litre

“Most of our members would struggle to raise 50 million or 60 million Naira to buy products in bulk,” he noted. “Buying from NNPCL allows us to quickly turn around products and maintain business flow.”

PETROAN also revealed that NNPCL had opened its portal for marketers to begin lifting products as of Wednesday, signaling that the competition in the free market will likely drive prices down further in the future.

In line with its commitment to supporting domestic refineries, PETROAN has decided to suspend its plans to import fuel, provided local refineries continue to supply sufficient products.

Harry emphasised, “We are not looking to import fuel if there’s a reliable local supply. We will prioritize Naira-based transactions with local refineries such as Dangote, Port Harcourt, and Warri refineries over importing with dollars.”