The Nigerian National Petroleum Company Limited (NNPCL) has reduced the price of Premium Motor Spirit (PMS), otherwise known as petrol, for marketers in the country, from N1,045 to N1,030 per litre.

The National President of the Petroleum Products Retail Outlet Owners Association (PETROAN), Dr Billy Harry, disclosed this at a strategic meeting and award event in Abuja on Friday, November 29, 2024.

“Today (Friday), NNPCL has reduced their price to N1,030. We are still hoping and pushing that it will come down even lower,” Harry said.

The PETROAN president also spoke on the competitive nature of the fuel market, stating that the Dangote refinery sells petrol to marketers at N970 per litre.

He, however, said the Dangote refinery enforces a minimum purchase requirement of two million litres, a significant challenge for smaller marketers. In contrast, NNPCL does not have such restrictions, offering more flexibility to those looking to buy in smaller quantities.

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Harry added: “Most of our members struggle to raise N50 million or N60 million to buy products.

“With NNPCL, we can buy smaller quantities, sell quickly, and return for more, unlike the bulk requirements at Dangote.”

Harry stated that the NNPCL had reopened its portal for product lifting, allowing marketers to purchase and distribute fuel more efficiently.

The PETROAN boss, who expressed confidence that market competition will eventually lead to even lower petrol prices, said: “In fact, as I speak, NNPCL is already programming for marketers based on the current price.”

Harry added that PETROAN has decided to suspend plans to import fuel, stressing the association’s preference for local refineries in the country.

“We won’t import if there’s a reliable local supply. It’s more sustainable to transact in Naira through our local refineries,” he said.

The Star