Price war may have broken out between the two major petroleum marketers in the country – the Nigerian National Petroleum Company Limited, NNPCL and Dangote Petroleum Refinery, following yesterday’s announcement by the NNPCL to reduce it pump price of Premium Motor Spirit (PMS), also known as petrol to N860 per litre.
This development is the latest in a price war among oil marketers and independent petroleum dealers. It is also influenced by fluctuations in global crude oil prices.
The new NNPCL price, which takes effect yesterday, marks a significant drop from the previous average of N920 per litre.
Last week, Dangote Petroleum Refinery reduced the ex-depot price of petrol from N890 per litre to N825, marking its second price cut in February.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN), has said that the NNPCL’s premium motor spirit new price is yet to drop.
IPMAN’s spokesperson, Chinedu Ukadike, who disclosed yesterday, according to Daily Post report notes that the ex-depot price of NNPC petrol has remained unchanged at N940 per litre.
“The ex-depot price of PMS has remained unchanged at N940 on NNPC’s portal.
We are not aware of any petrol price reduction at NNPC.”
Meanwhile, Dangote Petroleum Refinery & Petrochemicals has stated that it will make a N65/litre refund to marketers who purchased Premium Motor Spirit (PMS) otherwise known as petrol, at rates higher than the earlier announced prices so Nigerians will benefit from cheaper fuel.
The move follows the refinery’s recent reduction of its ex-depot price from N890 per litre to N825 per litre.
This disclosure is contained in a statement issued by Dangote Refinery where it stated that the refund will be for any of its key partners – AP (Ardova Plc), Heyden, or MRS – throughout Nigeria.
This move follows the refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
The refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, before the new rate of N825 per litre.
Dangote refinery noted that with the new gantry price of N825 per litre, it expects that no Nigerian will pay more than N900 per litre for PMS, regardless of location or petrol station.
