NNPCL stations have reduced petrol price to N860/litre — Marketers

 NNPCL stations have reduced petrol price to N860/litre — Marketers

The Nigerian National Petroleum Company Limited has reduced the pump prices of Premium Motor Spirit (petrol) sold at its stations to match that of the Dangote Petroleum Refinery.

Our correspondents confirmed that some retail outlets owned by the NNPC adjusted their petrol pump price to N860 per litre on Monday, the same rate Dangote sells petrol at MRS filling stations in Lagos.

Although there is no official communication from the NNPC Retail yet, the company’s stations in Lagos adjusted their pumps to N860 per litre, down from N945 as of Sunday. This comes a few days after the Dangote refinery reduced its ex-depot petrol price from N890 to N825 per litre.

NNPC spokesperson Olufemi Soneye did not answer calls or reply to messages sent to his phone.

However, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed the development to our correspondent.

“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal. I spoke with them,” the IPMAN leader said.

Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said, “They reduced the pump price earlier this (Monday) morning, but I’m yet to get the details.”

the 650,000 barrel per day Dangote refinery has been transformational both for Nigeria’s downstream sector and for the Atlantic Basin oil products market.

It was said that the refinery “has broken state-owned NNPC’s tight monopoly on refining and products marketing in Nigeria and has structurally shifted Atlantic Basin gasoline balances, pressuring European margins.”