Nigerian National Petroleum Company Reduces Petrol Price

The Nigerian National Petroleum Company Limited has reduced the price of Premium Motor Spirit , also known as petrol, to marketers.The new price, which takes effect immediately, is N1,030 per litre, down from the previous price of N1,045 per litre.The price reduction was announced by the Petroleum Products Retail Outlet Owners Association of Nigeria at its strategic meeting and award presentation in Abuja on Friday. The association's National President, Dr.

The Dangote Refinery has a minimum purchase requirement of two million litres, while the NNPCL has no such restriction.Dr Harry explained that the NNPCL's decision to reduce its price would enable marketers to purchase petrol at a lower price and sell it to consumers at a competitive price. He noted that the competition from the Dangote Refinery would help to drive down petrol prices further.'The competition will bring down the price,' Dr. Harry said.

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