The Nigerian National Petroleum Corporation (NNPC) took the latest decision of marking down the ex-depot price of petrol in a bid to keep it competitive after the state-owned firm lost the monopoly of fuel importation and other oil firms were handed licenses to begin to bring in imports, industry operators said Wednesday.
The NNPC held a vast stockpile of petrol prior to taking the business decision, reports said, prompting it to slash its ex-depot price as a way of remaining competitive after the policy shift took effect.
till the liberalisation of the downstream sector teed off in March, the corporation had remained the only importer of petrol in the country.
The Oil marketers as well as officials of the Petroleum Products Pricing Regulatory Agency (PPPRA) stated in Abuja that the understanding that the petrol’s cost might crash when other marketers start to bring imported fuel into the market led NNPC to slash the ex-depot price.
Also the lowered price has not affected the pump price, they said the cost of fuel at the filling stations may fall further in June.