The Nigerian National Petroleum Company Limited has announced a 10% reduction in the price of petrol, which will be allocated directly to independent marketers. The reduction is from N640 per litre to N570 per litre.
The National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, has confirmed the new petrol price of N570 per litre.
According to The Nation, independent marketers paid for petrol at the new price last week.
Maigandi noted that although the new price was reflected last week, only 1% of petrol was supplied to marketers instead of the promised 50% allocation. He stated, “The price has started reducing since NNPCL is giving independent marketers their direct allocation. NNPCL said they will give us direct product instead of taking it to 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 situation of the market.
“Depot price has started reducing. It was previously N640 per litre. But when the rumour came, we will start getting our direct allocation, they reduced it to N630 per litre. NNPCL sells at N570 per litre.”