NNPCL Reduces Petrol Ex-Depot Price, Sparks Optimism For Economic Relief

The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, for oil marketers.

The price has been lowered from ₦1,020 to ₦899 per litre, a move that has been welcomed as a positive step towards making fuel more affordable for Nigerians.

According to the new pricing structure, the ex-depot price in Lagos is ₦899 per litre, while it stands at ₦970 per litre in other key cities, including Warri, Oghara, Port Harcourt, and Calabar.

Dr. Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), lauded this development, describing it as a demonstration of NNPCL’s commitment to addressing the concerns of Nigerians.

In his statement, Dr. Gillis-Harry emphasized the broader economic benefits of the price reduction, saying, “The reduction in the PMS price by NNPCL is a demonstration of the company’s commitment to making petroleum products more affordable for Nigerians. We commend NNPCL for responding to our call for affordable PMS prices.”

He further highlighted the positive ripple effects of the decision, including:

• Reduced transportation costs: Motorists will spend less on fuel, leading to increased disposable income.
• Economic stimulation: Lower fuel prices will reduce production costs and increase demand for goods and services.
• Improved quality of life: The decreased cost of living will enable Nigerians to afford basic necessities and enjoy a better standard of living.

This price adjustment is expected to bring relief to Nigerians, especially during a period of economic challenges, and foster renewed hope for a more stable and affordable energy market.