This adjustment follows a similar move by the Dangote Refinery, which recently reduced its petrol price to ₦899 per litre

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) confirmed this development in a statement released on Saturday.

Signed by PETROAN’s National Public Relations Officer, Dr. Joseph Obele, the statement referenced a document issued by NNPCL’s Commercial Department detailing the price adjustment under the regional pricing framework.

Marketers will now purchase PMS at ₦899 per litre, aligning with the price set by the Dangote Refinery.

However, buyers sourcing from locations such as Warri, Oghara, Port Harcourt, and Calabar will pay ₦970 per litre.

The statement read, “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 ₦1,020 to ₦899 per litre.

“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.”

Dr. Obele noted that the decision demonstrates the growing influence of deregulation on the oil and gas market, fostering increased competition among stakeholders.

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He expressed optimism that petrol prices would decline further before the end of January 2025 due to falling crude oil prices globally and the naira’s recent appreciation against the dollar.

He described the current trend as a “price war,” underscoring the benefits of competition and advocating for the full privatization of government-owned refineries to further enhance market efficiency.

Reacting to the development, the National President of PETROAN, Billy Harry, commended the NNPCL for prioritizing affordability during the holiday season.