The Nigerian National Petroleum Company Limited (NNPCL) has reduced the ex-depot price of Premium Motor Spirit (PMS) to N899 per litre in what industry observers yesterday described as a direct response to Dangote Refinery’s price of N899.50k.
Ex-depot price is the amount marketers pay for the product at the depots.
NNPCL's new price is reduced from the former N1020 and it comes on the heels of the holiday discount announced by Dangote earlier in the week.
Dangote Refinery ‘s pre-holiday discount price was N970.
However, retailers will sell Dangote petrol for N935 per litre from tomorrow.
The Dangote Group said yesterday that it had reached an agreement with MRS,a petrol marketing firm, to sell the product at N935 per litre nationwide.
The group announced on its official X account saying: “to ensure that the 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".
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN ) confirmed the slash in the NNPCL fuel price slash.
PETROAN’s National Public Relations Officer, Dr. Joseph Obele said; “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," He added.