The Nigerian National Petroleum Company Limited (NNPCL) has reduced the pump price for Premium Motor Spirit (PMS), also known as petrol, to N899 per litre at its depots.

The product previously sold at N1,020.

According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), the new price was fixed by the NNPCL.

Quoting a document released by NNPCL’s Commercial Department, the association’s National Public Relations Officer, Dr Joseph Obele, said the reduction was based on regional pricing scheme.

The development comes two days after the Dangote Refinery in Lagos slashed petrol price to N899.50k for marketers.

“In response to the competitive impact of deregulation in the downstream sector, the Nigerian National Petroleum Company Limited has taken a significant step,” the statement said.

“The national oil firm’s price reduction is perceived as a reaction to the competitive impact of deregulation, which has resulted in increased competition in the downstream sector,” Obele said.

Details later…