Back
JUST IN: Petrol Price May Drop Again In June
May 21, 2020
The Nigerian National Petroleum Corporation (NNPC) took the latest decision of marking down the ex-depot price of petrol in a bid to keep it competitive after the state-owned firm lost the monopoly of fuel importation and other oil firms were handed licenses to begin to bring in imports, industry operators said Wednesday.
The NNPC held a vast stockpile of petrol prior to taking the business decision, reports said, prompting it to slash its ex-depot price as a way of remaining competitive after the policy shift took effect.
Until the liberalisation of the downstream sector teed off in March, the corporation had remained the only importer of petrol in the country.
Oil marketers as well as officials of the Petroleum Products Pricing Regulatory Agency (PPPRA) stated in Abuja that the understanding that the petrol’s cost might crash when other marketers start to bring imported fuel into the market led NNPC to slash the ex-depot price.
Even though the lowered price has not affected the pump price, they said the cost of fuel at the filling stations may fall further in June.
18Shares
3Comments
2Favorites
8Likes
Say something to impress...
Loading...
Comments
Hot

No content at this moment.

Relevant people
Politics Today
701021 Followers
Daily report on local and global politics.
Related