THE NEWSGHOST, NIGERIA – Nigerian National Petroleum Corporation (NNPC) announced yesterday that it is reducing the price of the Premium Motor Spirit (PMS), also known as ‘petrol’, to ₦108 per litre from the former price of ₦113.28 per litre.
Just last month, the state-owned petroleum company reduced the price of petrol from ₦133.28 per litre to ₦113.28 per litre.
According to report, the latest price change was announced via the company’s Twitter handle in a tweet issued by Dr Kennie Obateru, the group general manager of the group’s public affairs division. Although, for unknown reasons, the tweet was deleted a few hours later and the company is yet to issue any statement on the platform regarding this.
Dr Obateru had said, ‘the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.’
He went further to explain that, ‘the new price regime would enable PPMC to boost its sales volumes from the billions of litres of petrol it has in storage while providing affordable price to millions of customers.’
Analysts are concerned that the government is still trying to manage the price of petrol rather than letting the market determine the price just as it is for AGO popularly known as ‘diesel’.
However, independent marketers under the umbrella of the Independent Petroleum Marketers Association (IPMAN) have said they are still expecting to receive a letter from NNPC before complying with the new price.
While speaking with journalists, Alhaji Abubakar Maigandi, the national vice president of the association, explained that, ‘now we have the old stock, once the old stock is finished, I know we are going to receive the order from the government then we will reverse to the new price.’