The Nigerian National Petroleum Commission (NNPC) Tuesday, announced a reduction in the depot price of petrol from N113.28 per litre to N108 per litre.
The reduction comes barely 3 weeks after it reduced the deport price of petrol from N133.28 per itre to 113.28 per litre which resulted in the slash in the retail price of petrol from N145 to N125 per litre.
At the time, the Petroleum Products Pricing Regulatory Agency (PPPRA) said according to ThisDay newspaper that “what we have in place is a market reflective pricing system. Prices of petroleum products will be adjusted in line with market realities and the result is what we see presently with prices on the downward slide.
“Accordingly, price will naturally be adjusted to reflect a true picture of market fundamentals at any particular period (high or low). Also, efforts are being put in place to develop alternative fuels to PMS by deepening the utilization of LPG/CNG as auto gas in Nigeria.”
Many Nigerians expect that they would see a reduction in the retail price of petrol which is currently at N125 per litre. No official statement has been made as regards a reduction in petrol retail price.
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