NNPC slashes petrol price to N899 per litre – PETROAN

In a stunning move set to reshape Nigeria’s oil market, the Nigerian National Petroleum Company Limited (NNPCL) has slashed the price of Premium Motor Spirit (PMS) below ₦1,000 per litre.

This unprecedented step is shaking up the downstream sector, forcing competitors to re-evaluate their strategies.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) applauded NNPCL’s initiative. A statement from PETROAN’s National Public Relations Officer, Dr. Joseph Obele, emphasized the landmark nature of this decision, describing it as a direct response to growing competition following deregulation.

NNPCL’s ex-depot prices have dropped from ₦1,020 to ₦899 per litre, with regional rates structured as follows:
– Lagos: ₦899
– Warri: ₦970
– Oghara: ₦970
– Port Harcourt: ₦970
– Calabar: ₦970

This move is poised to ignite a price war among marketers, ultimately rewarding Nigerians with more affordable fuel and reduced transportation costs.

Dr. Billy Gillis Hary, National President of PETROAN, hailed the reduction as a “holiday gift” for Nigerians. He expressed confidence in its far-reaching effects:
1. Lower transport expenses to ease financial burdens.
2. Boosted economic growth driven by reduced production costs.
3. Improved quality of life as disposable incomes grow.

Dr. Hary also commended Dangote Refinery’s earlier contributions to fostering competition, emphasizing that the price battle showcases the power of a liberalized market.

While PETROAN celebrated the progress, it also urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to maintain strict quality control. As competition heats up, the risk of compromised product standards cannot be ignored.

PETROAN’s Zonal Chairpersons and State Executives promised rigorous monitoring to ensure Nigerians fully benefit from the price cuts without sacrifices in fuel quality.

Dr. Joseph Obele added a tantalizing forecast, projecting even lower fuel prices by January 2025. He attributed this optimism to declining global crude oil prices and the strengthening naira.

Advocating for further industry privatization, Dr. Obele underlined how competitive markets push for innovation, fairness, and consumer-focused strategies.

With NNPCL’s bold step and private players entering the fray, Nigerians are on the brink of transformative changes in fuel affordability—setting the stage for an economic uplift that will be felt across the nation.