NNPC Speaks on Petrol Price Crash as Marketers Refuse to Adjust Pumps

NNPC Speaks on Petrol Price Crash as Marketers Refuse to Adjust Pumps

The Nigeria National Petroleum Company Limited (NNPCL) has denied reports saying it has adjusted petrol prices

The company said the report of the alleged price adjustments was untrue and asked Nigerians to disregard such reports

Findings show that petroleum marketers have continued to sell the product at various prices across the country

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Nigerian National Petroleum Company Limited (NNPC) Limited has said that reports alleging price adjustments for petrol and diesel at its retail stations across Nigeria were false.

The company’s chief corporate communications officer, Olufemi Soneye, disclosed this in a statement on Wednesday, March 27, 2024.

NNPC debunks reported price crash
Group Chief Executive Officer of NNPC, Mele Kyari Credit: Bloomberg/Contributor
Source: UGC

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NNPC speaks on petrol supply

The NNPC spokesman asked Nigerians to disregard the report as it was false, reports say.

The statement read:

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.
“NNPC Ltd reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country.”

Also, findings by Legit.ng show that most petrol stations in Lagos have continued to sell petrol at varying prices.

Marketers refuse to adjust prices

A Mobil petrol station in Ogba displayed petrol price at N605 per litre, while an MRS filling station near Iju-Ishaga sells petrol at N630 per litre.

A viral report on Monday, March 25, 2024, said the NNPCL crashed its ex-depot prices.

The Treasurer of the Board of Trustees of Independent Petroleum Marketers of Nigeria (IPMAN), Chinedu Okoronkwo, has yet to reply to messages sent to his phone to confirm if there is a crash in the prices of petroleum products in Nigeria.

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Marketers deny adjustments

According to a Leadership report, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gills-Harry, denied any crash in the prices of petrol.

Energy policy analyst Adeola Yusuf revealed that even though there may be no adjustment in petrol prices presently, Nigerians should expect it to happen very soon.

He said the excellent performance of the naira against the US dollar would force down the landing cost of the petroleum prices, ex-depot prices and ultimately, the pump price.

“We expect the landing cost of petroleum products will crash soon as the naira strengthens against the dollar. This will translate into a reduction in ex-depot and pump price.”

Legit.ng had reported that the current landing price for petrol is about N1,000 per litre, which the Nigerian government subsidises

Marketers speak on petrol supply ban in border communities

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Legit.ng previously reported that the nationwide prohibition on the supply of petroleum products in border regions has become a significant concern for fuel retailers.

In an interview with The PUNCH, Abubakar Maigandi, the National President of the Independent Petroleum Marketers Association of Nigeria, it is stated that the restriction has impacted the businesses of the association's members in the border regions.

He mentioned that, in 2019, the government informed IPMAN that, in addition to people who were transferring fuel subsidies to foreign nations, terrorists and outlaws were obtaining fuel supplies from filling stations along national borders.

Source: Legit.ng

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