The Nigerian National Petroleum Company Limited (NNPCL) has announced a new price for the Premium Motor Spirit (PMS), also known as petrol.
According to the NNPCL, it has crashed the depot price PMS from N640 per litre to N630 per litre.
The Petroleum Company stated that it is planning to sell the petrol directly to independent marketers so that people can buy it at a cheaper rate.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed that the new price has been implemented and more supply is also promised by NNPC.
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Maigandi stated that Independent marketers have paid for the product at the new petrol price last week.
Though only 1 percent of products were supplied to marketers instead of the 50 per cent product allocation, the IPMAN President has said that a price crash is expected soon, even with the NNPC already selling the product at a lower rate than before.
Maigandi said:
“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.”
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