NNPCL Slashes Fuel Price Again as Competitive Pressure Intensifies in Oil Sector
The Nigerian National Petroleum Company Limited (NNPCL) has announced another reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, at its retail outlets. This marks the second downward review in just two days.
Reports indicate that NNPCL is now selling PMS at N965 per litre, down from the previously adjusted price of N1,040. The new price adjustment represents a N75 reduction, highlighting increasing competition in the downstream oil and gas sector.
Earlier last week, NNPCL reduced its pump price to N1,040 per litre before implementing this latest price slash. Meanwhile, MRS filling stations, in collaboration with Dangote Refinery, recently cut their petrol price to N935 per litre from N1,060, creating a N30 price difference between MRS and NNPCL retail outlets in Abuja.
Industry experts, including the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, have expressed optimism about the potential for further price reductions.
The latest development underscores the intense competition among major players in the oil and gas sector, driven by efforts to attract customers amid fluctuating market conditions. GMTNewsng
