The Nigerian National Petroleum Company Limited (NNPCL) has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. The price has been adjusted from N1,020 to N899 per litre, offering oil marketers a more affordable rate and raising hopes for economic relief across the country.
According to the revised pricing, the ex-depot price of petrol now varies by location as follows:
Lagos: N899.0
Warri: N970.0
Oghara: N970.0
Port Harcourt: N970.0
Calabar: N970.0
Dr. Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), hailed the development as a step in the right direction.
“The reduction in the PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices,” Dr. Gillis-Harry stated.
He highlighted several benefits of the price reduction, emphasizing its potential to positively impact the nation’s economy and citizens’ welfare.
Reduced Transportation Costs: With lower PMS prices, motorists will spend less on fuel, easing the financial burden on transport operators and commuters.
Increased Disposable Income: Nigerians will have more money to spend on other necessities, fostering economic activity and enhancing the standard of living. By lowering production and logistics costs, the reduction will stimulate business operations, boost demand for goods and services, and create a more vibrant economy. The price adjustment is expected to help reduce inflationary pressures, making essential commodities more accessible to households.
This move aligns with NNPCL’s broader mandate of ensuring energy accessibility and affordability, contributing to economic stability and improved quality of life for Nigerians.