Just In: NNPCL slashes Petrol Price to N860 Per litre – Marketers
Some retail outlets belonging to the Nigerian National Petroleum Company Limited have adjusted the petrol pump price to N860 per litre.
It was observed that while there is no official communication from the NNPCL Retail yet, some stations in Lagos adjusted their pumps to N860 per litre, down from N945 as of Sunday.
This comes a few days after the Dangote Refinery reduced its ex-depot petrol price from N890 to N825 per litre.
NNPC spokesperson Olufemi Soneye did not respond to calls or messages regarding the development.
However, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, confirmed this.
“It is true, NNPC is selling petrol at N860 in the filling stations. Though this has not been reflected on the portal, they told me they are working on updating the portal,” the IPMAN leader said.
Also, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, said, “They reduced the pump price earlier this morning but I’m yet to get the details.”
Newsmediang reports that Dangote reduced its gantry price from N890 per litre to N825 per litre. The refinery stated that this is part of its ongoing efforts to ensure that Nigerians are the primary beneficiaries of the price reduction and in line with President Bola Tinubu’s Renewed Hope Agenda, which aims to stimulate the economy.
In a statement issued over the weekend, the refinery confirmed it will refund N65 per litre on the over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price of N890 per litre, before the new rate of N825 per litre. Dangote refinery also absorbed N16bn loss by refunding N65/litre to marketers for Nigerians to benefit from cheaper fuel.
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