The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) from ₦1,045 to ₦1,030 per litre for marketers. This was announced by Dr. Billy Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), during a strategic meeting in Abuja. He expressed optimism about further price reductions in the near future.
Dr. Harry highlighted that while Dangote Refinery offers a lower price of ₦970 per litre, its minimum purchase requirement of two million litres limits flexibility for smaller marketers. In contrast, NNPCL allows marketers to buy in smaller quantities, enabling quicker sales and restocking. This flexibility is crucial as many marketers struggle to raise large sums for bulk purchases.
With NNPCL reopening its product lifting portal, marketers can now access fuel more efficiently. PETROAN has also suspended plans to import fuel, citing the increased availability of locally refined products. Dr. Harry reaffirmed the association’s commitment to supporting domestic refineries like Dangote, Port Harcourt, and Warri, reducing reliance on foreign imports.