The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price at which it sells petrol to marketers from N1,020 to N899 per litre.
This new price matches the recent adjustment by Dangote Refinery.
This was revealed in a statement on Saturday signed by the National Public Relations Officer, Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Joseph Obele.
According to a document from NNPCL, marketers will now buy petrol at N899 per litre, but those getting it from depots in Warri, Oghara, Port Harcourt, and Calabar will pay N970 per litre.
This change is expected to increase competition among oil marketers, which could lead to lower prices for consumers in the future.
The statement read, “The Nigerian National Petroleum Company Limited has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
“The company recently reduced the ex-depot price of Premium Motor Spirit from N1,020 to N899 per litre.
“The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.”
