NNPC slashes fuel depot price to N148 to curb scarcity

By Innocent Obasi

The Nigerian National Petroleum Company Limited (NNPCL) has adopted a new measure aimed at ensuring a sufficient supply of fuel across the country, by fixing N148 per litre as the price for lifting petrol at the depots.

NNPCL also agreed to supply outstanding stock to independent oil marketers in order to end  product shortage.

This came as the independent marketers said they had been lifting the product at about N200 per litre from private depots, making it impossible for them to meet the Department of State Services, (DSS), 48-hour directive last week.

They said that the situation hindered them from selling petrol at the same price of N170 per litre as their major marketers’ counterparts and NNPCL.

Confirming the development, Mike Osatuyi, Operations Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN) said its members have now been allowed to lift petrol at N148 per litre, meaning that they can now reduce their pump prices.

“We are committed to working with other parties to tackle the shortage across the country as quickly as possible,” he added.

Prior to this development, the House of Representatives on Tuesday, called on NNPCL to end the ongoing petroleum product shortage within next week in order to lessen Nigerians’ suffering.

The House also called on the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA) to seek the collaboration of the  Nigerian Police Force  and the Department of State Services (DSS)  to guarantee that petrol was sold at the regulated price and in all retail outlets.