Omowumi Omotosho with agency reports
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the Nigerian National Petroleum Company (NNPC) Limited has reduced its ex-depot price of petrol to N899 per litre in Lagos.
The development comes days after the Dangote refinery slashed the ex-depot price of the product to the same amount.
In a statement on Sunday by Joseph Obele, PETROAN’s national public relations officer (PRO), the association described the price reduction by NNPC as a response to the competitive impact of deregulation.
The association said the new “regime” has led to increased competition in the downstream sector.
“The move is expected to spark a price war among oil marketers, ultimately benefiting consumers,” PETROAN said.
“The company recently reduced the ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 per liter, a move that has been commended by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).”
According to the association, a document released by the NNPC commercial department shows a reduction based on the regional pricing scheme.
Citing the document, PETROAN said the price of the product was cut down to N899 in Lagos, N970 in Oghara, N970 in Port Harcourt, and N970 in Calabar.
Speaking on the price cut, Billy Gillis-Harry, PETROAN’s president, described it as a welcome development “that will bring relief to motorists and Nigerians during the holiday season”.
