Downstream sector operators have adjusted the prices of Premium Motor Spirit (PMS), also known as petrol, and other petroleum products due to the continued fall in crude oil prices.

The downward adjustments, Vanguard gathered, was also driven by competition as local producers battle imported products.

According to Petroleum Price NG, Nipco and Rainoil adjusted their pump prices to N841 per litre from over N842 per litre. Similarly, Rainoil Delta in Warri adjusted its petrol price to N860 per litre from N865 per litre, while Mainland in Calabar adjusted its petrol price to N874 per litre from N875 per litre.

Nipco adjusted the price of Automotive Gas Oil (AGO), also known as diesel, to N955 per litre from N980 per litre, while Dangote adjusted the price to N940 per litre from N946 per litre.

Meanwhile, the Petroleum Products Retail Owners Association of Nigeria (PETROAN) welcomed the Federal Government’s decision to ban the importation of foreign goods that are also produced locally, referencing petroleum products.

In a statement, PETROAN’s National President, Dr. Billy Gillis-Harry, commended President Tinubu for the bold step but advised the government to ensure that the policy does not lead to shortages or price increases, particularly in the petroleum sector.

[Vanguard]