In a bid to stay competitive in Nigeria's downstream petroleum sector, six depot owners have slashed the prices of Premium Motor Spirit (PMS), commonly known as petrol.
The depot owners that reduced their prices include:
- Emadeb: N827 per litre from N903 per litre
- First Royal: N826 per litre from N828 per litre
- MENJ: N826 per litre from N827 per litre
- Aiteo: N825 per litre from N826 per litre
- Pinnacle: N850 per litre from N856 per litre
- Hyde: N868 per litre from N869 per litre
According to industry experts, the price drop is attributed to increased competition in the downstream sector. With crude oil prices remaining relatively low at $65 per barrel, depot owners are expected to continue reducing prices in the coming weeks.
Industry experts anticipate a further price reduction from the Dangote Petroleum Refinery, which currently sells petrol at N825 per litre.
The National President of PETROAN, Dr. Billy Gillis-Harry, attributed the price reduction to the need for depot owners to remain competitive in the domestic market.
Dangote Petroleum Refinery & Petrochemicals has maintained its commitment to price stability, despite fluctuations in global crude oil prices.
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