In a major development, the Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to "N899 per litre" from the previous price of "N1,020 per litre." According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the new pricing reflects a regional pricing scheme, with prices set at "N970 per litre" in parts of the South-South region.
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| Image: Dr Billy Gillis-Harry presenting an award to CEO Mele Kyari |
This move aligns with competitive adjustments in the downstream sector following a similar price cut by the
Dangote Refinery in Lagos. PETROAN’s National President, Dr. Billy Gillis-Harry, lauded the decision, highlighting its potential to reduce transportation costs, stimulate economic activity, and improve living standards for Nigerians.
The price reduction is expected to bring significant relief to motorists and businesses, especially during the holiday season, as it underscores NNPCL’s commitment to affordability and economic growth.
Source:
Linda Ikeji Blog
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