Petroleum marketers get N15.00 price reduction

The Nigerian National Petroleum Company Limited has reduced the sales of pump price of petroleum, otherwise known as PMS to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) by N15.00.

The announcement of reduction was made on Friday by the management of NNPCL.

The price was reduced from N1,045 per litre to N1,030.

This development was confirmed during a strategic meeting of PETROAN by the National President of the Association, Dr. Billy Harry in Abuja.

“We are still hoping and pushing that it will come down even lower,” he added.

Dr. Harry highlighted the competitive pricing in the market, noting that Dangote Refinery and Petrochemicals sells petrol to marketers at ₦970 per litre.

However, Dangote enforces a minimum purchase limit of two million litres, whereas NNPCL does not impose such restrictions, allowing marketers greater flexibility.

Despite NNPCL’s higher price, Harry explained that its lack of volume restrictions facilitates quicker turnover for marketers.

“Most of our members struggle to raise ₦50 million or ₦60 million to buy products,” he said. “With NNPCL, we can buy smaller quantities, sell quickly, and return for more, unlike the bulk requirements at Dangote.”

According to Dr. Harry, NNPCL reopened its portal for product lifting on Wednesday, enabling marketers to purchase and distribute products efficiently.

He believes the competition from Nigeria’s free market operations will eventually drive petrol prices down further.
“As I speak, NNPCL is already programming for marketers based on the current price,” he confirmed.

In light of the availability of locally refined products, PETROAN has decided to suspend plans to import fuel.
Dr. Harry emphasized the association’s preference for domestic refineries, including Dangote Refinery, Port Harcourt Refinery, and Warri Refinery, to avoid the challenges of sourcing foreign currency for imports.

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