The Nigerian National Petroleum Company Limited (NNPCL) has reduced its price for Premium Motor Spirit (PMS) petrol to N1,030 per litre for marketers, down from the previous price of N1,045 per litre. The announcement was made by the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) during its strategic meeting and award presentation in Abuja on Thursday.
Dr. Billy Harry, National President of PETROAN, confirmed the price adjustment, stating, “Today, NNPCL has reduced their price to N1,030.” He further mentioned that marketers are continuing to press NNPCL for further reductions in the petrol price.
“We are still hoping and pushing that it will come down even further,” Harry added.
The reduction comes amid ongoing competition in the fuel sector, particularly from Dangote Refinery, which sells the product to marketers at N970 per litre, with a minimum purchase requirement of two million litres. In contrast, NNPCL does not impose a minimum volume limit on its petrol supply to marketers.
Harry highlighted the challenges faced by retail outlet owners, noting that while NNPCL’s price may be higher, its flexible volume supply allows for quicker turnover, which is crucial for smaller retailers. “Because most of our members are struggling to secure N50 million or even N60 million to buy products,” he explained. “So, we, as retail outlet owners, find it easier to buy from NNPCL, where we can quickly purchase a smaller volume and turn it around for sale.”
PETROAN also welcomed the recent opening of NNPCL’s portal for marketers to begin lifting products, starting Wednesday. Harry emphasized that increased competition from both NNPCL and domestic refineries would help bring prices down further in the long run.
He also confirmed that the association had suspended plans to import petrol, opting instead to support domestic refineries, including Dangote refinery, Port Harcourt refinery, and Warri Refinery. “We are not going to start importing if there is product available locally,” Harry stated. “We can get a Naira-dominated transaction from these refineries, so we won’t need to seek dollars for imports.”
