The recent decision by the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery to reduce petrol prices has sparked a “price war” that is expected to benefit Nigerian consumers.
The marketers have expressed satisfaction with the development and assured Nigerians of further price reductions.
The NNPCL recently announced new petrol prices ranging from N860 to N880 per liter in various locations across the country. Fuel stations in the Federal Capital Territory (FCT) have already begun implementing the new pricing.
Dangote Refinery also reduced the ex-depot price of Premium Motor Spirit (PMS) by N65, from N890 to N825 per liter.
The National President of Retailers Outlets Owners Association, Billy Gillis-Harry, noted that the new price has been reflected on their portal.
Marketers believe this reduction will bring significant relief to Nigerians struggling with high living costs.
The National President of the Independent Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, welcomed the development, stating that the reduction in petrol prices brings joy to both Nigerians and marketers.
The price reduction is expected to positively impact Nigerians’ lives, and marketers are engaging with NNPCL to further lower petrol prices.
With Dangote selling at a lower rate, the company’s strategic price adjustment aims to provide essential relief to Nigerians ahead of the Ramadan season.
