The Nigerian National Petroleum Company Limited (NNPCL) has reduced price of petrol to to N899 per litre.
The development comes days after the Dangote refinery slashed the ex-depot price of the product to the same amount.
This was confirmed by Joseph Obele, Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN’s national public relations officer (PRO), on Saturday.
The association described the price reduction by NNPC as a response to the competitive impact of deregulation.
The statement issued by the association said; “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
‘116-112’, How Usyk Defeated Fury In Heavyweight Championship Rematch
‘Shared Values,’ Excitement As Lagos School of Midwifery Alumni Reunite 45 Years After
EPL: How Aston Villa Defeated Manchester City 2-1
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
Dangote Group on its own part had through its Chief Branding and Communications Officer Anthony Chiejina, said the price reduction was designed to ease transport costs during the Christmas season.
“In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.”
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” the Group said.
Currently, Nigerians are purchasing petrol at filling stations for prices ranging from N1040 to N1150 per litre.
