Petrol Price Cut By NNPCL Benefits Marketers Across Nigeria

Petrol Price Cut By NNPCL Benefits Marketers Across NigeriaThe Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has announced that the Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS) for marketers from ₦1,045 to ₦1,030 per litre. This update was shared by PETROAN’s National President, Dr. Billy Harry, during a strategic meeting and award presentation held in Abuja.....KINDLY READ THE FULL STORY HERE▶

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Dr. Harry expressed optimism about further price reductions, stating, “Today, NNPCL has reduced their price to ₦1,030. We are still hoping and pushing for it to come down even lower.”

He also compared NNPCL’s pricing to that of Dangote Refinery and Petrochemicals, which sells petrol to marketers at ₦970 per litre. However, Dangote enforces a minimum purchase of two million litres, while NNPCL offers more flexibility by not imposing such restrictions. Despite the slightly higher price, Dr. Harry noted that NNPCL’s lack of volume limitations allows marketers to operate with more agility and quicker turnover.

“Most of our members struggle to raise ₦50 million or ₦60 million to buy products,” he explained. “With NNPCL, we can buy smaller quantities, sell quickly, and return for more, unlike Dangote, which requires bulk purchases.”

Dr. Harry also confirmed that NNPCL reopened its portal for product lifting on Wednesday, making it easier for marketers to purchase and distribute fuel efficiently. He expressed confidence that market competition, particularly from local refineries, would drive petrol prices down even further.

In light of the increased availability of locally refined products, PETROAN has suspended plans to import fuel. Dr. Harry emphasized the association’s preference for sourcing fuel from domestic refineries like Dangote, Port Harcourt, and Warri refineries, to avoid the challenges of sourcing foreign currency for imports.

“We won’t import if there’s a reliable local supply,” he concluded. “It’s more sustainable to transact in Naira through our local refineries.”