NNPCL Reduces Petrol Prices, Following Dangote’s Lead

The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of petrol to N899 per litre, following a similar move by Dangote Refinery, which recently lowered its price to N899.50 per litre.

This development was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Saturday. In a statement, PETROAN’s National Public Relations Officer, Dr. Joseph Obele, noted that the NNPCL’s decision reflects the competitive dynamics introduced by deregulation in the downstream sector. The company reduced the ex-depot price of Premium Motor Spirit (PMS) from N1,020 to N899 per litre.

Similarly, Dangote Group, through its Chief Branding and Communications Officer, Anthony Chiejina, announced the price reduction as part of measures to ease transportation costs during the Christmas season. The refinery is also offering an innovative holiday discount by allowing consumers to purchase an additional litre of petrol on credit for every litre bought in cash, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.

These price cuts by both NNPCL and Dangote Refinery are seen as efforts to ease economic pressure on Nigerians and adapt to the competitive market environment during the festive period.