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.

The reduction in PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians.

“We commend NNPCL for responding to our call for affordable PMS prices,” Harry said.

He highlighted key benefits for consumers: “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.

Glory be almighty god I thanks god for today