NNPC Cuts Petrol Prices: A Step Towards Affordability for Nigerians

In a significant development, the Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the ex-depot price of petrol for oil marketers, lowering it from N1020 to N899 per litre. This price adjustment is set to impact various regions across the country, with petrol prices now at N899.0 in Lagos and N970.0 in Warri, Oghara, Port Harcourt, and Calabar.

Dr. Billy Gillis Hary, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), commended NNPCL for this decision. He stated that the reduction in the price of Premium Motor Spirit (PMS) reflects the company's commitment to making petroleum products more affordable for Nigerians. “We commend NNPCL for responding to our call for affordable PMS prices,” Hary remarked.

The price reduction is expected to bring numerous benefits to consumers and the economy. Firstly, lower petrol prices will significantly reduce transportation costs, allowing motorists to save on fuel expenses and increase their disposable income. Furthermore, by lowering production costs, this move could stimulate demand for goods and services, contributing to overall economic growth.

Additionally, the reduction in fuel prices may lead to a decrease in the cost of living, making it easier for Nigerians to afford basic necessities. This strategic initiative by NNPCL is anticipated to have a positive ripple effect across the economy, ultimately enhancing the quality of life for citizens throughout the nation