BREAKING: NNPCL Reduces Petrol Price For Marketers

The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the price of Premium Motor Spirit (PMS) for marketers, lowering it from ₦1,045 per litre to ₦1,030 per litre.

This announcement was made by Dr. Billy Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), during a strategic meeting and award ceremony in Abuja.

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EKO HOT BLOG reports that while acknowledging the reduction, Harry emphasized that marketers are urging NNPCL to further decrease the price to enhance affordability.

“We are still pushing for the price to come down further,” he stated.

The price adjustment comes amid competition from Dangote Refinery and Petrochemicals, which offers PMS at ₦970 per litre with a minimum purchase requirement of two million litres. In contrast, NNPCL does not impose a volume ceiling, allowing marketers greater flexibility in purchasing.

Explaining the market dynamics, Harry noted that while Dangote’s price is lower, NNPCL’s unrestricted volume policy enables retail outlet owners to maintain a faster turnover. “Most of our members struggle to raise ₦50 million to ₦60 million for purchases. NNPCL’s policy allows us to buy, sell, and restock efficiently without needing to meet large minimum purchase thresholds,” he explained.

NNPCL Reduces Petrol Price For Marketers

Additionally, NNPCL has reopened its portal for marketers to lift products, which Harry said reflects healthy competition in the free market. He expressed optimism that ongoing market dynamics will lead to further price reductions.

Highlighting PETROAN’s support for domestic refineries, Harry revealed that the association has suspended plans to import petrol, prioritizing local production from facilities like Dangote Refinery, Port Harcourt Refinery, and Warri Refinery.

“We will not seek dollars for imports when Naira-based transactions are available domestically,” he concluded.

The move is expected to bolster domestic refining and stabilize the downstream petroleum market in Nigeria.

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