Petrol Price Drops In Nigeria As NNPC Announces New Price For Marketers
The Nigerian National Petroleum Company Limited (NNPCL) recently reduced the depot price of Premium Motor Spirit (PMS) from N640 per litre to N630 per litre.
The NNPCL also announced its intention to sell directly to independent marketers, bypassing private depots, to enable final consumers to purchase at more affordable rates.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed the latest development stating that the NNPC has assured an increase in
supply.
Reports from The Nation indicate that independent marketers have already made purchases at the revised petrol price in the past week.
Despite only 1% of products being allocated to marketers instead of the expected 50%, the IPMAN President noted that the market has begun to respond, hinting at a potential price reduction in
the near future, especially with the NNPC selling the product at N570 per litre.
“The price has started reducing since NNPCL is giving independent marketers their direct allocation. NNPCL said they would give us a direct product instead of taking it to the private depot to
sell it to us at a higher rate.
“NNPCL has started changing the price now even though they just gave us a small quantity. We are supposed to have 50 per cent of the distribution. Let’s say they have given us one per cent.
Even that 1% has started changing the market situation.”
“The Depot price has started reducing. It was previously N640 per litre. But when the rumour came that we would start getting our direct allocation, they reduced it to N630 per litre. NNPCL
sells at N570 per litre,” Maigandi said on Monday.
