NNPCL Cuts Premium Motor Spirit Prices Below ₦1,000 per Litre

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS) to below ₦1,000 per litre. This significant change was detailed in a statement released by Dr. Joseph Obele, the National Public Relations Officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), on December 21, 2024.

According to Dr. Obele, this price cut reflects NNPCL's response to the competitive dynamics introduced by the deregulation of the downstream sector. He noted that the reduction aims to foster increased competition among oil marketers, which is expected to ultimately benefit consumers.

The ex-depot price of PMS has been lowered from ₦1,020 to ₦899 per litre. This move has been positively received by PETROAN, which commended NNPCL for addressing the public's demand for more affordable fuel prices. The association highlighted that this action could potentially ignite a price war among oil marketers, further driving down prices for consumers.