Update: NNPC Reduces Fuel Price, Nigerians Groan Over Substantial Increase in Petrol Scarcity
Nigerians are facing a new wave of challenges as the Nigerian National Petroleum Company (NNPC) Limited has increased the price of Premium Motor Spirit (PMS) once again. In a move to ease the pain, however, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has received a positive update from the NNPC Limited.
According to PETROAN’s National President, Dr. Billy Harry, the NNPC Limited has dropped the price of Premium Motor Spirit (PMS) for marketers from ₦1,045 to ₦1,030 per litre. This welcome news was shared during a strategic meeting and award presentation in Abuja.
Dr. Harry expressed his optimism that the price might drop even further, citing the competitive pricing in the market. He highlighted that Dangote Refinery and Petrochemicals sells petrol to marketers at a competitive price of ₦970 per litre, although with a minimum purchase limit of two million litres. In contrast, the NNPC does not impose such restrictions, offering marketers more flexibility.
This flexibility means that even with a higher price, the NNPC’s lack of volume restrictions enables marketers to process and sell fuel more quickly.
PETROAN has also confirmed that the refined petrol from the recently refurbished Port Harcourt Refinery will be sold at a price of ₦1,030 per litre. This information was revealed in a statement issued by the association’s spokesman, Joseph Obele, following a communication from the NNPC Retail Ltd.
Obele revealed that PETROAN’s pricing team is analyzing the most advantageous options for its members and is open to sourcing products from all Nigerian refineries.
PETROAN has called on the NNPC Retail to reduce the price further to alleviate the financial burden on Nigerians during the festive season.
