Jonathan Nwokpor
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According to ZINGTIE, the Nigerian National Petroleum Company Limited, or NNPCL, has once more lowered the retail price of Premium Motor Spirit, PMS, to N965 per litre.
While touring NNPCL retail locations in Abuja, a ZINGTIE correspondent noticed that the state-owned oil company had raised its pump price from N1040 to N965 per litre.
According to ZINGTIE, PMS is being dispensed at NNPCL fuelling stations along the Kubwa Motorway for N965 per litre.
This amounts to a price savings of N75. The company lowered the price of its gasoline to N1,040 per litre earlier last week.
The most recent price reduction follows Dangote Refinery’s reduction of its petrol from N1,060 per litre to N935 through a partnership with MRS filling station.
As a result, Nigerians currently purchase fuel at NNPCL and MRS filling stations in Abuja for N965 and N935 per litre. The current difference between MRS and NNPCL is N30 per litre.
ZINGTIE noted that Dangote Refinery and NNPCL are engaged in a PMS price battle.
Billy Gillis-Harry, national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), and Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), responded to the news in a statement on Monday, expressing optimism about additional petrol price reductions in the face of competition.
According to a previous ZINGTIE report, NNPCL and Dangote Refinery similarly reduced the ex-depot prices of their petrol.
According to PETROAN, NNPCL dropped its ex-depot pricing from N1020 per litre to N899 per litre.
The ex-depot price of gasoline was previously lowered by Dangote Refinery from N970 to N899.50 per litre.
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