Abuja, Nigeria – The Petroleum Retailers Outlets Owners Association (PETROAN) has praised the Nigerian National Petroleum Company Limited (NNPCL) for its recent reduction in petrol prices. The commendation was made in a statement issued by PETROAN’s spokesperson, Joseph Obele, on Monday.
The price adjustment, which saw petrol prices drop from N965 to N880 per litre in the Federal Capital Territory (FCT), Abuja, has been welcomed as a significant development for consumers. The reduction comes amid rising economic challenges and is expected to alleviate some of the financial burdens faced by Nigerians.
PETROAN’s National President, Billy Gillis-Harry, described the price drop as a "huge relief" for Nigerians struggling to cope with the high cost of living. “This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” Gillis-Harry stated. He further emphasized that the reduction in Premium Motor Spirit (PMS) prices is anticipated to have a positive impact on the lives of citizens across the country.
The NNPCL’s decision to lower petrol prices follows a similar move by Dangote Refinery, which on 28th February 2025, reduced its petrol price to N880 per litre at MRS filling stations and other partner outlets. This alignment in pricing strategies between major industry players signals a potential shift towards more affordable fuel costs for consumers.
The reduction is expected to ease transportation costs, lower the prices of goods and services, and provide much-needed economic relief to households and businesses alike. PETROAN has urged other stakeholders in the petroleum sector to follow suit, emphasizing the importance of collaborative efforts to stabilize the market and support the Nigerian economy.
As the nation continues to navigate economic challenges, the NNPCL’s price reduction has been hailed as a step in the right direction, offering hope for improved affordability and accessibility of petroleum products for all Nigerians.