NO MORE N640/LITRE! Massive Jubilation As FG, NNPC Announce New Fuel Price; SEE Current Petrol Price
In a bid to alleviate the burden on consumers, the Nigerian National Petroleum Company Limited (NNPCL) has taken a decisive step by significantly reducing the depot price of Premium Motor Spirit (PMS), commonly known as petrol.
The price has plummeted from N640 per litre to N630 per litre, marking a notable shift in the country’ s fuel pricing dynamics. This move by NNPCL not only aims to ease the financial strain on the populace but also signifies a departure from the conventional distribution model.
Instead of funneling petrol through private depots, the NNPCL has opted to sell directly to independent marketers. This strategic shift holds the promise of making petrol more accessible and affordable to end consumers.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, has affirmed the authenticity of this development. Maigandi corroborated the new pricing scheme, emphasizing that the NNPCL has assured a surge in supply to meet the escalating demand for petrol across the nation.
Recent transactions reported by The Nation shed light on the tangible impact of these measures. Independent marketers have already commenced purchasing petrol at the revised price, signaling an imminent adjustment in market dynamics.
However, Maigandi noted a stark contrast between promised allocations and actual supplies, revealing that only a mere 1% of the products were disbursed to marketers instead of the anticipated 50%.
Despite the discrepancy in supply volumes, Maigandi remains optimistic about the market’ s response. He anticipates a downward spiral in petrol prices, attributing this projection to the direct allocation strategy adopted by the NNPCL.
NPC
The ripple effect of this approach is already palpable, with depot prices plummeting from the initial N640 per litre to N630 per litre. Furthermore, the NNPCL itself is retailing petrol at an even lower rate of N570 per litre.
Maigandi articulated the evolving narrative, stating, “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. 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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In essence, the concerted efforts of the NNPCL to streamline distribution channels and empower independent marketers hold the promise of fostering a more competitive and consumer-friendly petrol market. As these initiatives unfold, Nigerians can look forward to more affordable fuel prices and a more transparent fuel distribution system.
NEWS SOURCE
Naija News
