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Business News of Monday, 20 November 2023


'No more N610/L' - Nigerians brace for fuel price reduction as massive petrol vessels arrive at ports

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Oil marketers stated on Saturday, November 18, 20023, that the price of petrol may drop across filling stations owned by independent marketers this week following the massive imports of PMS by the Nigerian Independent Petroleum Company Limited (NNPCL).

Feelers show that the recent hike in petrol prices at outlets owned by independent marketers was due to the short supply of the product, leading to profiteering by depot owners and filling stations.

However, operators in the downstream sector revealed that several cargoes imported by NNPCL arrived, some of which are currently discharging at the ports, a Punch report said.

The National Public Relations Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said that immediately after the products arrive at the filling stations, fuel prices will drop as the recent high cost was due to a decline in supply.

On Thursday, November 16, 2023, oil marketers said the emergence of queues at petrol stations was due to low supplies by NNPCL. NNPCL refuted the marketers’ allegations, arguing that the queues were due to price disparity.

According to the marketers, following the new imports by NNPCL, queues will disappear, and prices will drop at independent petrol stations.

Petrol prices set to drop due to new imports

Petrol is sold for between N580 and N610 per liter at filling stations owned by NNPCL. Independent marketers sell the product at higher rates, with some selling as high as N670 per liter.

Ukadike, the IPMAN PRO, said that the essential thing now is that vessels carrying petrol have arrived and are discharging, so the partial scarcity being experienced will disappear.

Per the IPMAN spokesperson, the Forex inflow during Christmas will not impact petrol prices but will boost imports by NNPCL, which is enough to reduce costs. He said NNPCL confirmed the enormous import of petrol to the marketers.