The Nigerian National Petroleum Company Limited (NNPCL) has lowered its ex-depot prices of Premium Motor Spirit (PMS), or petrol, to N899 from N1020 per litre for oil marketers. This change, conveyed by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) spokesperson, is detailed in a NNPC document. Source.
This adjustment aligns with a recent price cut by Dangote Refinery. PETROAN’s National President applauds this move, hopeful it will ease costs for Nigerians and motorists during the holiday season. Notably, the NNPC’s pricing is marginally higher by N0.50 than Dangote’s, yet consumers pay much more at filling stations.
Question: Will these reductions substantially impact petrol prices at filling stations in Nigeria? Share your thoughts!
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in a normal scenery or system this should impact favorably on price as sold by the filling stations, economic rules imply that reduce in cost will bring bout a reduction in price as price comprises of cost plus projected profit.