NNPCL Slashes PMS Price to ₦965 per Litre Amid Market Competition
In a significant move, the Nigerian National Petroleum Company Limited (NNPCL) has once again reduced the retail price of Premium Motor Spirit (PMS), popular as Petroleum, to ₦965 per litre.
A market survey conducted at NNPCL retail outlets in Abuja revealed that the state-owned oil giant adjusted its pump price from ₦1,040 per litre to ₦965 per litre, reflecting a ₦75 price cut. Notably, NNPCL filling stations along the Kubwa Expressway have already implemented the new pricing structure.
Price Cuts Intensify Market Competition
The latest price reduction by NNPCL comes shortly after Dangote Refinery, in partnership with MRS filling stations, slashed its PMS price from ₦1,060 to ₦935 per litre. This development has triggered competitive pricing, leaving a ₦30 price gap between NNPCL and MRS outlets in Abuja.
Industry Reactions and Future Outlook
Reacting to the price cuts, Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), expressed optimism about further reductions in PMS prices amid the intensifying competition.
Both associations highlighted that the downward price adjustments could create a ripple effect across the sector, potentially benefiting consumers as retail prices become more competitive.
Ex-Depot Price Adjustments
NNPCL and Dangote Refinery had earlier announced reductions in their ex-depot prices—the price at which petrol is sold to marketers.
•NNPCL reduced its ex-depot price from ₦1,020 to ₦899 per litre.
•Dangote Refinery lowered its ex-depot price from ₦970 to ₦899.50 per litre.
What’s Next for Consumers?
With the recent developments, consumers now purchase petrol at ₦965 per litre at NNPCL outlets and ₦935 per litre at MRS stations in Abuja. Industry analysts believe this pricing competition could lead to further reductions, offering some relief amidst rising living costs.
The unfolding “price war” between NNPCL and Dangote Refinery signals a potential transformation in Nigeria’s downstream oil sector, with market forces driving affordability and accessibility for consumers.
Stay tuned as we continue to monitor price trends and market dynamics shaping Nigeria’s petroleum industry.
