The Nigerian National Petroleum Company Limited has lowered the ex-depot price of petrol for oil marketers, bringing it down from N1020 to N899 per litre.

Lagos, N899.0

Warri, N970.0

Oghara, N970.0

Port Harcourt, N970.0

Calabar, N970.0

Marketers will purchase the product for N899 per litre, according to the price, which is the same as what the Dangote refinery was offering a few days prior. The ex-depot price of Premium Motor Spirit was recently lowered by the corporation from N1, 020 to N899 per litre. NNPCL’s price cut is interpreted as a reaction to the competitive effects of deregulation, which have heightened rivalry in the downstream industry.

The national oil firm’s price reduction is perceived as a reaction to the competitive impact of deregulation, which has resulted in increased competition in the downstream sector.

It is anticipated that the action will lead to a pricing war among oil marketers, which will ultimately help consumers.