The Nigerian National Petroleum Company Limited (NNPCL) has implemented a reduction in the ex-depot price of petrol for oil marketers, decreasing it from N1,020 to N899 per litre in Lagos. Prices in various locations have also been modified as follows (however, the adjustments show a consistent trend): Warri: N970.0, Oghara: N970.0, Port Harcourt: N970.0, Calabar: N970.0.
Dr. Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), commended this initiative, asserting, “The reduction in the PMS price by NNPCL illustrates the company’s dedication to making petroleum products more accessible to Nigerians. We applaud NNPCL for addressing our request for more affordable PMS prices.“
He went on to emphasize the advantages of the price reduction, stating that it will reduce transportation costs (because motorists will save on fuel expenses) and consequently increase their disposable income. Lower fuel prices, although beneficial, will also stimulate economic growth by decreasing production costs and enhancing demand for goods and services. Furthermore, the decrease in fuel prices will lower the cost of living, thus enabling Nigerians to afford basic necessities and enhance their quality of life.
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