The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre.
This marks a drop from the previous price of N1,020 per litre. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the new price was determined by NNPCL.
Dr. Joseph Obele, PETROAN’s National Public Relations Officer, cited an NNPCL document revealing that the reduction follows a regional pricing strategy. Under this scheme, petrol will be sold at N970 per litre in some parts of the South-South region.
The price cut comes shortly after Dangote Refinery lowered its petrol prices to N899.50k per litre for marketers.
