NNPC reduce Petrol price N965 per litre, down from N1,040.

By Divine Sam

The Nigerian National Petroleum Company Limited (NNPCL) has again reduced the retail price of Premium Motor Spirit (PMS) to N965 per litre, down from N1,040. This price cut of N75 per litre follows a previous reduction last week. The new price is in effect at NNPCL stations in Abuja, including those along the Kubwa Expressway.

This move comes after Dangote Refinery, in collaboration with MRS filling stations, also lowered its petrol price to N935 per litre, creating a price war between Dangote and NNPCL. The differential between the two now stands at N30 per litre. Additionally, both NNPCL and Dangote Refinery have reduced their ex-depot prices, with NNPCL’s now set at N899 per litre, down from N1,020, and Dangote Refinery’s at N899.50 per litre, reduced from N970.

Industry stakeholders, including PETROAN and IPMAN, have expressed optimism about further reductions due to this competitive pricing between the two major players.