NewsOnline Nigeriareports that the Nigerian National Petroleum Company (NNPC) Limited has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, across its retail outlets in Abuja.
According to The Cable, the price cut sees petrol prices drop from ₦935 to ₦910 per litre at an NNPC retail outlet in Wuse Zone 3, Abuja.
Despite the price adjustment in Abuja, the petrol price at NNPC retail outlets in Lagos remained unchanged, sparking further discussions around regional pricing disparities.
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This price reduction marks a new phase in the ongoing “price war” between the NNPC and Dangote Refinery. On May 12, the Dangote Refinery also reduced its ex-depot petrol price to ₦825 per litre, intensifying the competition in the Nigerian downstream oil sector.
The price cut followed a meeting on May 9 between the NNPC’s Group Chief Executive Officer (GCEO), Bayo Ojulari, and the founder of Dangote Petroleum Refinery, Aliko Dangote, where both parties agreed to foster cooperation rather than competition.
“There is no competition between us; we are not here to compete with NNPC Ltd. NNPC is part and parcel of our business, and we are also part of NNPC. This is an era of cooperation between the two organisations,” Dangote stated, emphasising the mutual benefits of collaboration.
Ojulari echoed this sentiment on May 12, explaining that the reduction in petrol prices was a direct result of the purchase of new supplies at lower costs.
He noted that oil marketers had previously procured the current stock at higher prices, which led to the increased cost of petrol at the pump.