The retail price of premium motor spirit, popularly known as petrol, has dropped to N965 per litre in the Federal Capital Territory.
The Nigerian National Petroleum Company Limited has effected the new price across its retail outlets, much to the delight of customers. This marks the second price drop in less than two weeks, down from N1,060 earlier this month.
At the NNPC mega station located along Wuse Zone 4 and Olusegun Obasanjo Way, Central Area, commuters were seen scrambling to join the long queue to purchase the commodity at the new price. A driver who confirmed the price drop applauded the national oil firm but called for a uniform price across all stations for easy access.
“Yes, NNPC has reduced its price to N965. I bought it this morning, but the queue is too long. Maybe because other stations are selling at a different price,” the driver said. However, independent and major marketers sold their products between N1,030 and N1,070 across various locations visited by our correspondent.
The price drop is expected to bring relief to motorists and commuters in the capital city. However, the disparity in prices between NNPC retail outlets and independent marketers has raised concerns about the need for a uniform pricing mechanism.
Recall that the Independent Petroleum Marketers Association of Nigeria had announced on Sunday that petrol would sell at N935 per litre beginning from Monday, based on the latest arrangement with the Dangote Petroleum Refinery.
IPMAN’s National President, Maigandi Garima, had stated that the reduction in Dangote refinery’s ex-depot price for petrol and the uniform arrangement being put in place would enable marketers to sell at N935 in their outlets nationwide, incurring a cost of N36 on logistics.
