The Nigerian National Petroleum Company Limited (NNPCL) has reduced its petrol price for marketers, lowering it from N1,045 to N1,030 per litre.
This change was confirmed by Dr. Billy Harry, National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), during a strategic meeting in Abuja.
Marketers have expressed hopes for further price reductions, as they will continue to negotiate with NNPCL for lower rates.
Currently, NNPCL’s competitor, Dangote Refinery, sells petrol to marketers at N970 per litre, offering a minimum purchase volume of two million litres.
In contrast, NNPCL does not impose such a restriction, which could lead to a higher turnover for marketers buying from them despite the slightly higher price.
The PETROAN President also mentioned that NNPCL’s open portal for marketers to begin lifting products from Wednesday could spur competition, potentially bringing prices even lower.
Moreover, due to increased domestic production, the association has decided to abandon plans to import petrol.
They will now focus on sourcing products from Nigerian refineries such as Dangote, Port Harcourt, and Warri, which offer Naira-based transactions.
