NNPC slashes depot petrol price to 148/litre to end scarcity

The Nigerian National Petroleum Company Limited has fixed depot price of petrol at N148 per litre for marketers lifting the product.

The decision was taken on Tuesday as part of new major measures aimed at guaranteeing adequate fuel supply across the country.

It also agreed to supply outstanding stock to independent oil marketers, to end product shortage.

The independent marketers said they had been lifting the product from private depots at about N200 per litre, which made it impossible for them to meet the Department of State Services, DSS, 48-hour directive last week.

They said that the situation also led to their inability to sell petrol at the N170 per litre like their major marketers’ counterparts and NNPCL.

The N148 price emanated from a meeting held between the NNPCL and the marketers. It was also attended by other stakeholders.

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.”