By Ife Osemedua
365Daily – The National Public Relations Officer, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Joseph Obele,, has said the reduction of the Premium Motor Spirit (PMS) petrol price by the Nigerian National Petroleum Company Limited (NNPCL) will spark competition among marketers to the benefit of Nigerians.
While hailing NNPCL for responding to the call for affordable Petro prices, the association noted that a document released by NNPC commercial department indicates a reduction based on regional pricing scheme as: Lagos: N899; Warri: N970; Oghara N970.0; PH N970; and Calabar N970.
In a press statement issued on Saturday, December, 21, 2024, Obele recalled that NNPCL recently reduced the ex-depot price of Premium Motor Spirit (PMS) from ₦1,020 to ₦899 per liter.
The statement said, “The Nigerian National Petroleum Company Limited (NNPCL) has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“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. The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.”