NNPC Crashes Fuel Price at Filling Stations, NMDPRA Sends Warning to Marketers

• Filling stations operated by the NNPC Retail Company are selling fuel below N600 per lite to Nigerians
• The national oil company operates over 380 filling stations and has recently added Oando stations to its network
• Checks by Legit.ng show that other major oil marketers' filling stations are selling fuel below N650 per litre

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian National Petroleum Company Limited (NNPCL) retail filling stations have reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to N562 per litre.

The pump price is N300 lower when compared to the N850 to N900 or even N1,000 in some remote areas sold by independent marketers filling stations.

NNPC filling stations' pump price is also over N400 cheaper compared to the N1,000 to N1,200 per litre price at the black market.

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Legit.ng had previously reported that other major oil marketers are also fuel to Nigerians below N650 per litre.

The impact is yet to be felt because IPMAN controls a large share of filling stations in Nigeria, about 30,000.

FG to shut errant filling stations as petrol hits N1,000/litre

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has threatened to close down filling stations selling fuel at N1,000 per litre.

Punch reports that an NMDPRA official noted that they cannot understand why filling stations are selling fuel at such a high cost.

George Ene-Ita, spokesperson of the NMDPRA, said:

"Once we get these outlets, we are going to shut them down. NNPC tells us how much they sell and there is no way the pump prices should be that high. We don’t expect it to be higher than N650/litre.”

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Nigerians convert vehicles to use cheaper fuel

Earlier, Legit.ng reported that more Nigerians are turning to Compressed Natural Gas (CNG) to cut fuel expenses, as petrol prices have increased in the past month.

Reports show that some filling stations in certain states ask motorists to pay up to N937 per litre for petrol.

The cheaper fuel alternative, sold at N200, is becoming more attractive to Nigerians.

Source: Legit.ng