JUST IN: NNPC Reduces PMS Price For Marketers

The Petroleum Products Retail Outlet Owners Association (PETROAN) has announced that the Nigerian National Petroleum Company Limited (NNPCL) has lowered the price of Premium Motor Spirit (PMS) for marketers, reducing it from ₦1,045 to ₦1,030 per litre.

This update was shared by PETROAN’s National President, Dr. Billy Harry, during a strategic meeting and award event in Abuja.

Dr. Harry confirmed the price drop, stating, “Today, NNPCL has reduced their price to ₦1,030,” and expressed hope for further price reductions in the future. “We are still hoping and pushing that it will come down even lower,” he added.

The president also mentioned the competitive nature of the fuel market, pointing out that Dangote Refinery sells petrol to marketers at ₦970 per litre. However, Dangote 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.

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

Dr. Harry also shared that NNPCL had reopened its portal for product lifting, allowing marketers to purchase and distribute fuel more efficiently. He expressed confidence that market competition will eventually lead to even lower petrol prices.

“In fact, as I speak, NNPCL is already programming for marketers based on the current price,” he confirmed.

In response to 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 like Dangote Refinery, Port Harcourt Refinery, and Warri Refinery, citing the challenges of sourcing foreign currency for imports.

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

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