Average savings from the ongoing new price discovery retail end of the Premium Motor Spirit (PMS), otherwise known as petrol, could exceed N113 billion monthly, providing a headroom for household’s disposable incomes.
The Nation’s market intelligence at the weekend indicated that retail petrol consumers may be saving nearly N3.8 billion daily, with total savings in a month estimated at more than N113 billion.
The analysis based on average daily petrol consumption of 50 million litres indicated by the Nigerian Midstream Downstream Petroleum Regulatory Agency (NMDPRA) and price changes by the two main petrol suppliers-Dangote Petroleum Refinery and Nigerian National petroleum Company (NNPC) Limited.
Dangote Refinery, which had been retailing petrol at N925 per litre, had twice last month reduced its ex-depot price to reduce retail pump price to N860 per litre.
NNPCL, which had been retailing petrol at N945 per litre, followed the competition, dropping its retail price across its stations to N860 per litre.
