The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the price of Premium Motor Spirit (PMS) from ₦1,045 per litre to ₦1,030 per litre.
This was disclosed by the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Dr. Billy Harry, during a strategic meeting and award presentation held in Abuja on Thursday, November 28.
“NNPCL has reduced their price to ₦1,030 today,” Harry stated, expressing hope for additional reductions in the future. “We are still pushing for it to come down further,” he added.
This price adjustment comes amid competition from Dangote Refinery and Petrochemicals, which offers PMS at ₦970 per litre but requires a minimum purchase of two million litres.
Unlike Dangote, NNPCL imposes no minimum volume restrictions, offering greater flexibility for marketers.
Dr. Harry also highlighted the financial pressures faced by retail outlet owners due to the high cost of purchasing petroleum products.
“Most of our members will struggle to raise ₦50 to ₦60 million to buy products, which is not easily affordable. This is why many of us remain closely aligned with NNPC,” he explained.
