The Nigerian National Petroleum Company Limited (NNPCL), Nigerians can expect a sigh of relief at the pumps as the petrol price is set to drop. The national oil company has announced a reduction in the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N640 per litre to N570 per litre.
This decision is expected to impact the overall petrol price positively, making it more affordable for the average Nigerian.
Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the new petrol price, noting that marketers had already started purchasing the product at the reduced rate last week.
However, Maigandi pointed out that only 1% of products were supplied to marketers instead of the expected 50% product allocation. Despite this, the NNPC has promised to increase supply in the coming days.
“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 depots to sell it to us at a higher rate,” Maigandi explained.
With the NNPC’s promise to increase supply, independent marketers are hopeful that they will no longer have to rely on private depots for their product supply, which often comes at a higher cost.
The news of the petrol price drop has been welcomed by many Nigerians, who have been grappling with the high cost of living. The most recent data from the NNPC shows that in February 2024, the price of a litre of petrol increased by 157.57% compared to the previous year’s price. With the new reduction, there is optimism that the financial burden on citizens will ease.
However, there is also a call for the NNPC to ensure that the promised increase in supply is fulfilled. Consistent supply is crucial to maintaining the reduced petrol price and preventing any potential shortages that could lead to price hikes.
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