The Nigerian National Petroleum Corporation, NNPC, has revealed that the recent hike in the pump price of Premium Motor Spirit (petrol) at retail outlets operated by independent marketers was due to the short supply of the commodity....CONTINUE READING
Noting that the price of the commodity may be reduced in filling stations operated by independent marketers this week, the NNPC said it has massively imported PMS into the country and this might see the product’s price fall below N626 per litre.
Operators in the downstream oil sector confirmed to The PUNCH on Saturday night that several cargoes imported by NNPC had arrived in Nigeria, as some of them were currently discharging at the ports.
“Once the products start hitting filling stations, fuel price will reduce, because the recent high cost was due to supply drop,” the National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu said.
