JUST IN: NNPC Reduces Petrol Price

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has revealed that the Nigerian National Petroleum Company Limited (NNPCL) has reduced its price for the Premium Motor Spirit (PMS) petrol to marketers from N1,045 per litre to N1,030 per litre.

The association’s National President, Dr. Billy Harry disclosed this at its strategic meeting and award presentation in Abuja yesterday.

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 further drag down the price.

“We are still hoping and pushing that it will still come down low,” he said.

Recalled that NNPCL major competitor, Dangote Refinery and Petrochemicals sells the product at N970 per litre to the marketers with a ceiling of a minimum of two million litres while NNPCL has not limited its volume to the marketers.

Explaining the implication, Harry said the turn over rate from buying from NNPCL will be higher despite its higher rate.

His words, “Because most of our members are going to be struggling to get 50 million Naira, or thereabout, or even N60 million to buy products.

“Now, that is not what is easily affordable. So, we, as retail outlet owners, you can see why we are very close to NNPC.

“Because we can go there and buy one product, sell, quickly turn it around, and then come back. But then, if we have to buy 2 million liters, we must go together.”

He disclosed that NNPCL has opened its their portal for marketers to start lifting products since the day on Wednesday.

According to him, the competition emanating from the free market operation will certainly bring down petrol prices further.

He said “And as I speak to you, they (NNPCL) are already programming for us on the current price.”

He also disclosed that owing to the need to patronize domestic refineries, the association has suspended its plan to import the products.

Harry said, “So, we are not going to start importing if there is product available.  So, wherever is best, we are not going to be looking for dollars to start importing when we can get a Naira-dominated transaction from Dangote, from Port Harcourt Refinery, from Warri Refinery, from all the refineries in Nigeria.”