The Nigerian National Petroleum Company Limited (NNPCL) has lowered the price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,030 per litre for marketers, down from the previous price of N1,045 per litre.According to The Nation, this announcement was made by Dr. Billy Harry, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), during a strategic meeting and award ceremony in Abuja.
Despite the reduction, Dr. Harry revealed that marketers are still pushing for further price cuts.He emphasized the challenge faced by many retail outlet owners who are struggling to afford the necessary capital to buy petrol, as they may need to raise up to N60 million to purchase large quantities.
This high cost contrasts with Dangote Refinery’s price of N970 per litre, which is available in larger quantities.Harry also pointed out that competition in the market would likely drive prices even lower as NNPCL opens its portal for marketers to start lifting products.
Additionally, due to the availability of domestic refineries such as those owned by Dangote and the Port Harcourt Refinery, PETROAN has decided to suspend its plans for importing petrol, ensuring a Naira-dominated transaction within the country.The move is expected to stimulate local refinery operations and further impact petrol pricing across Nigeria.
