The Nigerian National Petroleum Company Limited (NNPCL) has reduced its ex-depot price of Premium Motor Spirit, commonly referred to as petrol, from N1,020 to N899 per litre.

This decision, which was confirmed by the Petroleum Products Retail Outlets Owners Association of Nigeria in a statement released on Saturday, comes days after the Dangote Refinery reduced its price to N899 per litre.

According to a document released by NNPCL’s Commercial Department, the price reduction is based on a regional pricing scheme.

Although marketers will buy the product at N899 per litre, buyers purchasing from Warri, Oghara, Port Harcourt, and Calabar will pay N970 per litre to offtake products.

The statement, signed by the association’s National Public Relations Officer, Dr Joseph Obele, noted that the price reduction by NNPCL is seen as a response to the competitive impact of deregulation in the downstream sector.