- Petroleum marketers say they are awaiting a letter from the NNPC before complying with the reduced ex-depot price of N108 per liter
- The marketers under the IPMAN association stated that they are still selling old stock
- Abubakar Maigandi, the national vice president of the IPMAN, said marketers will adjust to the new price regime when their old stock finishes
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Petroleum marketers under the umbrella of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have said they will comply with the reduced ex-depot price of N108 per liter when they receive a letter from the NNPC.
Abubakar Maigandi, the national vice president of the IPMAN told The Nation on Wednesday, May 6, that marketers were yet to comply with the new price regime because they are still selling old stock.
He said when the old stock is finished, marketers will reduce the pump price immediately the order from the government reaches them.
“Immediately we receive order from the government we can reduce the price…. I know we are going to receive the order from the government then we will reverse to the new price,” he said.
Legit.ng had earlier reported that the NNPC has announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its throughput operations.
This was made known in a statement released on Wednesday, May 6, in Abuja by the corporation's Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.
Meanwhile, Nigeria's economy was dealt a huge blow as Brent crude, the international and Nigeria’s benchmark, tumbled by nearly $12 per barrel to decline at $19.71 per barrel.
According to Daily Trust, the drop in the Brent crude price forecasted a terrible economic outlook for many countries as Nigeria is not safe from the economic recession which is looming after oil price fell below $20 per barrel globally.
The fall is the lowest level since oil futures trading began in 1983 as the economic crisis set off by the coronavirus pandemic continues to take a toll on the energy sector.
Before the development, Nigeria which depends on oil for 80% of its revenue, had the foresight of raking 90 per cent of this year foreign exchange earnings from crude oil sales.
But since the oil price tumble, the minister of finance, budget and national planning, Zainab Ahmed, announced a cut in crude oil benchmark price down to $30 per barrel.
The minister, though retained the 2.18m barrels per day crude oil production as earlier projected in the budget estimates.
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