Fuel Prices Set To Drop As NNPC Announce New Price For Marketers
The Nigerian National Petroleum Company Limited (NNPCL) has taken a significant step to alleviate the burden on consumers by reducing the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N640 per litre to N630 per litre.
In a strategic move aimed at ensuring affordability and accessibility, NNPCL announced plans to directly sell to independent marketers, bypassing the traditional route through private depots.
This initiative is expected to empower final consumers to access petrol at more economical rates. Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed these developments and underscored NNPC’s commitment to increased supply.
Recent reports indicated that independent marketers embraced the new petrol price last week. However, Maigandi lamented that only a mere 1% of the allocated products reached the marketers, falling drastically short of the expected 50% distribution.
Despite this limited supply, Maigandi expressed optimism, noting that the market has already begun to respond, anticipating a forthcoming reduction in prices. Even with NNPC selling petrol at N570 per litre, Maigandi emphasized the impact of direct allocations, stating, “NNPCL has started changing the price now even though they just gave us a small quantity.”
He highlighted the shift in depot prices, revealing a decrease from the initial N640 per litre to N630 per litre following the anticipation of direct allocations. With NNPC retailing petrol at N570 per litre, Maigandi stressed the positive effect of this move on market dynamics.
