- This is the second time in as many days that the NNPC will carry out a downward review of its retail petrol price.
The Nigerian National Petroleum Company Limited, NNPCL, has again reduced the price of Premium Motor Spirit, PMS, at its retail outlets.
According to a report, the state-owned oil reduced the petrol pump price to N965 per litre fromn N1040.
DAILY POST reports that NNPCL retail outlets in Abuja are now selling PMS at N965 per litre.
This is the second time in as many days that the NNPC will carry out a downward review of its retail petrol price.
Earlier last week, the company had reduced its pump price to N1,040 per litre before the latest price adjustment which represents a N75 differential from last week reduction.
The price reductions by the NNPC underscores the fierceness of the competition among the players in the oil and gas sector, especially in the downstream.
Meanwhile, the latest price cut comes after Dangote Refinery, in partnership with MRS filling station, slashed its petrol to N935 from N1,060 per litre.
Accordingly, Nigerians now buy petrol at N965 and N935 per litre at NNPCL and MRS filling stations in Abuja. The differential between MRS and NNPCL now stands at N30 per litre.
Reacting to the development in a statement on Monday, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Chinedu Ukadike, were optimistic about further petrol cuts amid competition.
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