NNPCL reduces fuel depot price to N148 to end scarcity

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The Nigerian National Petroleum Company Limited (NNPCL) on Wednesday fixed N148 per litre as the price for lifting petrol at depots.

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

This came as the independent marketers said they had been lifting PMS 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.

It was gathered on Wednesday that a meeting was held between NNPCL, marketers and all the stakeholders, where the issues were resolved.

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.”

It would be recalled that the House of Representatives, on Tuesday, called on NNPCL to end the lingering scarcity of petroleum products in the next one week to ease the suffering of Nigerians.

The House also called on Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA), to seek the collaboration of the Nigerian Police Force and DSS to ensure that fuel was sold at the regulated price and in all retail outlets.

The Department of State Services (DSS) has earlier given NNPCL and oil marketers a 48-hour ultimatum to make fuel available for Nigerians.

Eagle online

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