NewStats: 3,261,532 , 8,174,272 topics. Date: Thursday, 29 May 2025 at 02:22 PM b6o1j

The Nigerian National Petroleum Company Limited has reduced its ex-depot price of Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.

This decision, coming days after the Dangote Refinery reduced its price to N899, was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday.

The statement signed by the association’s National Public Relations Officer, Dr Joseph Obele, and quoting a document released by NNPCL’s Commercial Department indicates a reduction based on the regional pricing scheme.

The price indicated that marketers would buy the product at N899 per litre, matching the price offered by the Dangote refinery a few days ago.

Marketers purchasing from Warri, Oghara, Port Harcourt and Calabar will, however, pay N970 per litre to offtake products.

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 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.”

Obele noted that the price reduction by the national oil firm is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.

He also expressed optimism that PMS prices will drop further before the end of January 2025, given the global decline in crude oil prices and the naira’s recent gain against the dollar.

Obele described the trend as a price war while he emphasized that the price reduction by Dangote Refinery and NNPCL demonstrates the benefits of competition and advocates for the immediate privatization of government-owned refineries.

The move is expected to spark a price war among oil marketers, ultimately benefiting consumers.

However, the NNPCL spokesperson, Femi Soneye, is yet to confirm this development.

Reacting to this development, the National President of PETROAN, Billy Harry, said the price reduction is a welcome development that will bring relief to motorists and Nigerians during the holiday season.

He said, “The reduction in 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.”

He also listed the benefits of the price reduction to consumers, including “Reduced transportation costs: With lower PMS prices, motorists will spend less on fuel, leading to increased disposable income.

“Increased economic activity: Lower fuel prices will stimulate economic growth by reducing production costs and increasing demand for goods and services.

“Improved standard of living: The price reduction will lead to a decrease in the cost of living, enabling Nigerians to afford necessities and enjoy a better quality of life.”

Harry also commended Dangote Refinery for its earlier price reduction, which he said had helped to stimulate competition in the downstream sector.

The PETROAN national official also hinted at a report submitted by PETROAN’s technical pricing team, warning that competitive pricing can lead to compromised product quality.

He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards.

“PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority to ensure compliance with quality assurance standards which may arise due to competitive pricing,” he added.

https://punchng.com/updated-nnpcl-slashed-petrol-price-to-n899-per-litre-petroan/?amp

Carefully following Dangote.

@74usd per barrel of Brent crude,

Price of Petrol per litre should be around #850 using #1700 as exchange
Let the neck pressing continue..
I sha no wan hear say there is loss from NNPC

grandstar:


1f 159 litres make a barrel, how can a litre of petrol sell for N850 at 1,700 exchange rate? It isn't possible.

159 ltrs sold at 74 usd (infact it's currently 72.5)
Do the maths again
A ltr will be around 47 cents
Add refining fee and logistics and multiply by 1700

#pmspricewar

Dangote Refinery on Saturday said it signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre.

The company’s Group Chief Branding and Communication Officer, Anthony Chiejina, disclosed this in a statement on Saturday.

On Thursday, Dangote Refinery announced a price reduction from N970 per litre to N899.50 per litre for marketers. The company said the reduction was designed to ease transport costs during the festive period.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre. This price has already commenced in Lagos, and it will be offered nationwide from Monday,” Aliko Dangote, founder and president/chief executive of the Dangote Group, was quoted as saying in a statement on Saturday.

https://www.timesng.com/news/top-news/762905-dangote-refinery-partners-mrs-to-sell-petrol-at-n935-per-litre.html

This is the true definition of Competition......

PMS price will soon hit 500 per Ltr

But some mumu bitter people says the refinery has shut down. Just tell those Obirodents anything negative about Nigeria, they'd throw away their brains and believe it.


After God, na Tinubu 💪 God bless Nigeria.

PressMyButton:
But some mumu bitter people says the refinery has shut down. Just tell those Obirodents anything negative about Nigeria, they'd throw away their brains and believe it.


After God, na Tinubu 💪 God bless Nigeria.

NNPCL are now loading from Dangote refinery.... Mumus wont understand

dre11:




https://punchng.com/updated-nnpcl-slashed-petrol-price-to-n899-per-litre-petroan/?amp

Nlfpmod

wow that’s great. Dangote should reduce the price of cement too

Some people no go happy the refinery is working efficiently

figment232:

T

Joke of a nation

Wow

When will it be 300naira per litre?

Interesting times

Lol... Funny people

Let me know when it's 300 naira

PressMyButton:
After God, na Tinubu 💪 God bless Nigeria.

See mumu

What was your god tinubu doing all along before Dangote started selling at N899??

How much were you buying it in 2021?

GOFRONT:
This is the true definition of Competition......

PMS price will soon hit 500 per Ltr

Was it 500 in 2022?
It will be an indictment on the President who believes without subjecting Nigerians to untold hardship in the name of useless policy things can't get better.

It shall never be well with Tinubu's ambassadors of poverty.

Ok if this is true its getting down bit by bit.

Let's keep watching.

Good one there

I see petrol crashing further down to 300 per liter by 2025.

This I have seen.

RealLordZeus:

@74usd per barrel of Brent crude,

Price of Petrol per litre should be around #850 using #1700 as exchange
Let the neck pressing continue..
I sha no wan hear say there is loss from NNPC

They will use their special words when the time comes.

"Shortfall" or "Under-recovery" . . . .

Something Nigerians usually buy N180 just few months ago



Tunda faya una papa and ya yeye slashings

If no be our government wey no get head,

If all our refineries are in perfect condition,

We wouldn't be discussing Dangote

Dangote would have just been an option and not a necessity.

figment232:
NNPCL are now loading from Dangote refinery.... Mumus wont understand

If its so. It will reflect on the extchane rate immediately. We are still importing petrol. If we don't import for a week, the extchane will fall down.

post=133390640:
When will it be 300naira per litre?

If exchange rate drops to around #600.Its the exchange rate that is the current reform failure of this istration.

Even if it goes back to 500 naira, it is still still expensive

GOFRONT:
This is the true definition of Competition......

PMS price will soon hit 500 per Ltr

This competition will favour the masses laslas

Slashed indeed. Continue!

Jorussia:
If exchange rate drops to around #600.Its the exchange rate that is the current reform failure of this istration.

Like Seriously 😑