KEY POINTS
- Petrol sells at N899 a liter in Lagos as competition in sector brings price to new low.
- Efforts to make fuel affordable is being made by Dangote Refinery and NNPCL.
- Stakeholders further predict price reductions based on global crude trends.
Competition amongst stakeholders in the downstream sector has led to PMS selling below N900 per litre, bringing joy to Nigerians with downward slid in petrol prices.
A few weeks ago, the Nigerian National Petroleum Company Limited (NNPCL) reduced petrol prices by 12% bringing prices in Lagos to N899 per litre, with slightly higher prices elsewhere.
That price cut comes on the heels of a move by Dangote Refinery, which had last week slashed its price PMS to N899.50 per litre, setting off a ripple effect in the sector.
Dr. Billy Gillis-Harry, who is the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), commended the efforts, saying that these reductions would reduce transportation cost, cost of living and stimulate growth of the economy.
Benefits reach consumer, thanks to stakeholders
On his part, PETROAN’s Zonal Chairman for the Eastern Zone, Chief Sunny Nkpe, said the organization will monitor whether benefits of price reduction get to consumers.
According to the association’s Public Relations Officer, Dr. Joseph Obele, optimism exists for further reductions by January 2025, with crude oil prices recorded to be falling globally and the Naira appreciating.
President of Dangote Industries Limited, Aliko Dangote, commended the government for the crude for Naira swap initiative, which he says stabilised PMS prices. “We will continue to deliver high quality petroleum products at affordable prices to all Nigerians,” he continued.
Finally, in a linked development, NNPCL insisted that the Port Harcourt Refinery is operational and loading products, contrary to recent rumors of its shut down.
