NNPC Announces New Fuel Price, Filling Stations To Adjust Pumps
- NNPC has set a new price for Premium Motor Spirit (PMS) for marketers looking to buy from its refinery
- The new price will lead to filling stations reducing their pump prices accordingly ahead of the festive season
- However, NNPC will need to do more, as the new price announced to marketers is still higher than the petrol price from Dangote Refinery
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) has announced a new petrol price for marketers.
According to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), the NNPC has reduced its Premium Motor Spirit (PMS) petrol price from N1,045 per litre to N1,030 per litre for marketers.
Source: Getty Images
Billy Harry, the association’s National President, disclosed this at its strategic meeting and award presentation in Abuja.
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He said:
“Today, NNPCL has reduced their price to 1,030 Naira”
He added that the marketers are still pressing the state-owned firm to drag down the price further.
Harry
“We are still hoping and pushing that it will still come down low."
Dangote petrol price
Legit.ng earlier reported that the Dangote Refinery and Petrochemicals recently announced a reduction in its petrol product N970 per litre.
Harry expressed confidence that the competition generated by the free market will help bring down petrol prices in the future, the Nation reports.
He further clarified that the structure of NNPCL’s sales process makes it more favourable for retail outlet owners to purchase smaller quantities of fuel, Punch reports.
His words:
“We are very close to NNPC because we can go there, buy one product, sell it quickly, and then come back. But if we have to buy two million litres, we must do so collectively."
He also revealed that NNPCL had opened its portal for marketers to begin lifting products.
“As I speak to you, they (NNPCL) are already programming for us on the current price.
“So, we are not going to start importing if there is product available."
Fuel prices to change as petrol landing costs crash
Legit.ng previously reported that filling stations nationwide are anticipated to revise pump prices downward due to reduced fuel landing costs.
The landing cost of freighting fuel to Nigeria fell to N935.94 per litre, and aviation fuel crashed to N1,117.48 per litre.
This is according to data by the Major Energy Marketers Association of Nigeria (MEMAN).
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Source: Legit.ng
