The Nigerian National Petroleum Company Limited has finally decided to slash the price of petrol otherwise called Premium Motor Spirit (PMS), by 12% making it N899.
However, Dr Billy Gillis Harry, the the national president of products confirming the rumor said that the slash in price is only for people in Lagos.
Meanwhile, Warri, Port Harcourt and other states have their prices at N970.
This is to say that the slash in petrol price by the NNPCL by 12% makes a fall from N1,020 to N899 for Lagos and N970 for Warri, PH and other states.
Speaking to the press, the president said that the reduction/slash in price of petrol by the NNPCL is a welcomed development.
He further mentioned that this act will aid in reduction of transportation cost as transporters will not spend as much on buying petrol.
Furthermore, Dr Harry stated that the need for this slash extends to production of goods as there would be a rise in demand for goods and services.
Commending Dangote, Dr Hillary stated that the reduction of petrol price by Dangote earlier on, has aided in stimulating competition in the downstream sector.
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