The Nigerian National Petroleum Company Limited (NNPCL) retail stations in the Federal Capital Territory (FCT) have reduced the price of premium motor spirit, otherwise known as petrol, from over N1,000 to N965 per litre.
BusinessDay’s visit to NNPC mega station in Wuse Zone 4, confirmed the reduction, as motorist queue up to buy the product at the new price.
This followed the recent reduction in ex-depot price of the commodity from N1,020 to N899 per litre by the company. This price adjustment, aimed at responding to the competitive dynamics introduced by deregulation, is expected to intensify competition among oil marketers and lead to cost savings for consumers.
The development coincides with Dangote Refinery’s partnership with MRS, which has set the retail price of petrol at N935 per litre across its outlets nationwide. This follows a reduction in its ex-depot price from N970 to N899.50 per litre.
Joseph Obele, national public relations officer of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), who announced the reduction in ex-depot price, noted that NNPCL’s decision was a reflection of the growing competitive pressures in the downstream sector since the introduction of deregulation.
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