The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its retail price for Premium Motor Spirit, PMS, to N965 per litre.
Our correspondent, who went around NNPCL retail outlets in Abuja, observed that the state-owned oil firm has adjusted its pump price to N965 per litre from N1040.
NNPCL filling stations along Kubwa Expressway now dispense PMS at N965 per litre.
This represents an N75 price reduction. Earlier last week, the firm had reduced its petrol to N1,040 per litre.
Meanwhile, the latest price cut comes after Dangote Refinery, in partnership with MRS filling station, reduced its petrol to N935 from N1,060 per litre.
Accordingly, Nigerians now buy petrol at N965 and N935 per litre at NNPCL and MRS filling stations in Abuja. The differential between MRS and NNPCL now stands at N30 per litre.
We observed that a PMS price war has broken out between Dangote Refinery and NNPCL.
Reacting to the development in a statement on Monday, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, were optimistic about further petrol cuts amid competition.
NNPCL and Dangote Refinery also reviewed downwards the ex-depot prices of its petrol.
PETROAN said that NNPCL reduced its ex-depot price to N899 per litre from N1020.
Earlier, Dangote Refinery had reduced its ex-depot petrol price to N899.50 per litre, down from N970.
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