Petroleum retailers and marketers have hinted that Nigerians should expect more premium motor spirit price reductions as the Nigerian National Petroleum Company Limited and Dangote Refinery commenced a fresh price war following fuel drops by both firms.
This comes as NNPC on Monday announced its new petrol prices of N860 and N880 per litre, respectively, in Lagos, the Federal Capital Territory, Abuja, and across the country, respectively.
DAILY POST reports that NNPCL retail outlets along the Kubwa expressway in Abuja, the Central Business District, opposite the company’s headquarters, and other locations have reflected the new pump price of N880 per litre.
Recall that barely six days ago, Dangote Refinery dropped its petrol price to N880 per litre in its partners’ fuel outlet, MRS filling station, and other filling stations in Abuja.
The development has sparked a fresh petrol price war between NNPCL and Dangote Refinery.
The situation means Nigerians would now choose to buy petrol between NNPCL and Dangote retail outlets amid their price war.
Reacting, National President of Petroleum Retailers Outlets Owners Association and his counterpart of the Independent Petroleum Marketers Association of Nigeria, Billy Gillis-Harry and Abubakar Maigadi, respectively, said Nigerians should expect more petrol price drops amid the competition between NNPCL and Dangote refinery.
According to Gillis-Harry, Nigerians are in an advantageous position in what he described as a necessary business matrix between NNPCL and Dangote Refinery.
He stressed that the war has brought smiles to the faces of Nigerians battered by the rising cost of living.
“The new price has been reflected on our portal.
“This price reduction will be a huge relief to many Nigerians struggling to make ends meet.
“The reduction in PMS prices is expected to positively impact Nigerians’ lives.
We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers,” he told DAILY POST.
On his part, Maigandi said what is happening in the downstream oil and gas sector is the beauty of deregulation.
According to him, “It is not surprising because Dangote petrol is selling at that rate.
“This is what we have been telling the government to deregulate the sector. The price will start coming down. Investors have started coming.
“The reduction in petrol price means joy to Nigerians and marketers,” he told DAILY POST.
DAILY POST recalls that the price war between NNPCL and Dangote Refinery started on September 15, 2024, when the latter kicked off the PMS rollout.
