The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), bringing it down from N1,020 to N899 per litre.
This reduction aims to ease the burden on Nigerians and improve affordability of petroleum products.
The revised prices vary by location, with Lagos priced at N899 per litre, while Warri, Oghara, Port Harcourt, and Calabar are priced at N970 per litre.
Dr. Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), lauded NNPCL’s decision, describing it as a welcome step towards reducing the financial strain on Nigerians.
“The reduction in the PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians,” he said. “We commend NNPCL for responding to our call for affordable PMS prices.”
Dr. Gillis-Harry outlined the positive ripple effects of the price cut on the economy and households. “The benefits of the price reduction are many, including reduced transportation costs.
With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.
“Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services. The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford basic necessities and enjoy a better quality of life,” he added.
This development comes shortly after Dangote Refinery announced a reduction in PMS prices, signaling efforts within the petroleum sector to stabilize and lower fuel costs for consumers.
NNPCL’s price adjustment has been received positively by industry stakeholders and is expected to impact transportation and production costs nationwide, contributing to economic growth and improved living standards.
