The Nigerian National Petroleum Company Limited (NNPCL) has announced a reduction in the depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N640 per litre to N630 per litre.
The NNPCL also revealed its intention to directly sell to independent marketers instead of routing the product through private depots, enabling final consumers to access petrol at more affordable rates.
Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the new price and assured of increased supply from NNPC.
Reports from The Nation indicate that independent marketers made payments for the product at the revised petrol price last week.
However, Maigandi noted that only 1% of the products were supplied to marketers instead of the expected 50% allocation. Despite the limited quantity, he stated that the market has already responded, anticipating a reduction in prices, even as NNPC is selling the product at N570 per litre.