NNPCL reduces petrol price to N1030/l for marketers

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced a reduction in the price of Premium Motor Spirit (PMS) by the Nigerian National Petroleum Company Limited (NNPCL), lowering it from ₦1,045 to ₦1,030 per litre. PETROAN’s National President, Dr. Billy Harry, disclosed the update during a strategic meeting and award ceremony in Abuja on November 28. “NNPCL has reduced their price to ₦1,030,” Harry confirmed, expressing hope for further price cuts.

The price adjustment comes as competition intensifies with Dangote Refinery and Petrochemicals, which offers PMS at ₦970 per litre, though it requires a minimum purchase of two million litres. In contrast, NNPCL imposes no such volume restrictions, providing marketers with greater flexibility. Highlighting the financial strain on retail outlet owners, Harry noted, “Most of our members struggle to secure ₦50 to ₦60 million to purchase products. This is why we rely heavily on NNPCL, where we can buy smaller quantities, sell, and quickly restock. Meeting the two-million-litre threshold is much harder.”

He also announced that NNPCL’s portal for product lifting is now operational, and marketers have begun lifting products as of Wednesday. Harry emphasized that the free market system is driving competition, which is expected to further reduce petrol prices. In light of locally refined product availability, PETROAN has decided to suspend petrol import plans, focusing instead on sourcing from domestic refineries such as Dangote, Port Harcourt, and Warri. “We won’t pursue dollar-based imports when we can secure naira-based transactions locally,” Harry stated.