The price of petrol has crashed from N640 per litre to N630 per litre.
According to the Independent Petroleum Marketers Association of Nigeria (IPMAN), National President, Abubakar Maigandi, the market started responding positively, as soon as the private depots got a wind of the Nigeria National Petroleum Company Ltd, (NNPCL)’s assurance to supply petrol directly to the independent marketers.
He said, “The price has started reducing, since NNPCL is giving independent marketers their direct allocation. NNPCL said they will give us direct product instead of taking it to private depot to sell it to us at a higher rate.
“It has started changing the price now; even though they just gave us a small quantity. We are supposed to have 50 percent of the distribution.
“Let’s say they have given us one percent. Even that one percent has started changing the situation of the market”.
“Depot price has started reducing. It was previously N640 per litre. But when the rumour came that we will start getting our direct allocation, they reduced it to N630 per litre.
“NNPCL sells at N570 per litre”, he further clarified.
