NNPCL’s move, driven by deregulation efforts, has led to more competition in the oil industry. Dr. Joseph Obele from PETROAN believes this could lead to even lower prices because oil prices are dropping and the naira is getting stronger. He called the trend a “price war” benefiting consumers and advocated privatization of refineries.
Billy Harry, the president of PETROAN, pointed out that this change can lower transportation costs, boost the economy, and improve people’s lives. He commended NNPCL and Dangote Refinery for fostering competition.
PETROAN urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to make sure that the quality of products is good, even when prices are competitive.
The price reduction marks a positive step for affordability while emphasizing the need for robust regulatory oversight.
