To reduce petrol price and ease scarcity, NNPC lowers prices for marketers.

Yesterday, the NNPC set a price for lifting petrol at depots of N148 per litre.

In order to alleviate product shortages, the Nigerian National Petroleum Company Limited NNPCL, has agreed to supply unutilized stock to independent oil marketers.

The independent marketers claimed that because they had been purchasing the product at a cost of around N200 per litre from private depots, they had been unable to satisfy the Department of State Services’ (DSS) 48-hour deadline last week.

They claimed that the predicament prevented them from offering gasoline at the same price of N170 per litre as their big competitors and NNPCL.

Yesterday, it was reported that NNPCL, marketers, and all other stakeholders met to discuss and resolve the concerns.

Operations Controller, Independent Petroleum Marketers Association of Nigeria, IPMAN, Mr. Mike Osatuyi, who confirmed the development, said: “Our members have now been allowed to lift petrol at N148 per litre, meaning that we can now reduce our pump prices. We are committed to working with other parties to tackle the shortage across the country as quickly as possible.”

Recall that the House of Representatives urged NNPCL to address the ongoing petroleum product shortage within the next week in order to alleviate Nigerians’ suffering.

The Nigerian Midstream Downstream Petroleum Regulatory Authority, or NMDPRA, was also urged by the House to enlist the assistance of the DSS and Nigerian Police Force to guarantee that petrol was sold at the set price and in all retail outlets.

NNPCL and oil merchants previously received a 48-hour deadline from the Department of State Services (DSS) to make Premium Motor Spirit, also known as petrol, available to Nigerians.