NNPCL Reduces Petrol Pump Price From N1,020 To N899

The Nigerian National Petroleum Company Limited (NNPCL) has announced the reduction of the pump price of Premium Motor Spirit from N1,020 to N899 per litre.

Recall that the Dangote Refinery had reduced its price to N899 earlier in the week.

Team@orientactualmags.com learned that this new development was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement that was issued by its National Public Relations Officer, Dr Joseph Obele on Saturday.

The statement quoted a document released by NNPCL’s Commercial Department which shows a reduction based on regional pricing scheme.

It stated that marketers will buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing the product from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.

‘The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.

 The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.

The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector’ the statement said.

Obele added that the price reduction by the NNPCL was a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.

This, he noted, is expected to spark a price war among oil marketers which will ultimately be advantageous to the consumers-Team@orientactualmags.com  Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980 or get in touch via orientactualmag@gmail.com.  Thank you