In a recent announcement made by the Nigerian National Petroleum Company (NNPC), it states it has reduced the cost of fuel in Nigeria from ₦1,060 to a reduced sum of ₦1,030 per litre for marketers.
This was disclosed by Bill Harry, who currently serves as the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
Many are saying this reduction is due to the fact that Dangote Refinery reduced its fuel price to ₦970 per litre, thus bringing tough competition into the market.
However, Bill further disclosed that the competition in the market will only bring about more reduced fuel prices, as the association is still pressing for more reductions in fuel prices.
He also addressed the positive fact that retail marketers can now buy fuel from NNPCL, sell them off quickly, and return back to buy more.
A statement from Bill Harry reads, “We are very close to NNPC because we can go there, buy one product, sell it quickly, and then come back. But if we have to buy two million litres, we must do so collectively.”
“As I speak to you, they (NNPCL) are already programming for us on the current price. So, we are not going to start importing if there is product available.”
Earlier in the week it was reported that the landing cost of importing fuel had dropped to N935.94 per litre for PMS and the same for aviation fuel to N1,117.48 per litre.
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