{"id":5537,"date":"2025-04-22T11:56:23","date_gmt":"2025-04-22T11:56:23","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=5537"},"modified":"2025-04-22T11:56:33","modified_gmt":"2025-04-22T11:56:33","slug":"marketers-decry-losses-as-nnpc-drops-petrol-price-to-n880-litre","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2025\/04\/22\/marketers-decry-losses-as-nnpc-drops-petrol-price-to-n880-litre\/","title":{"rendered":"Marketers Decry Losses As NNPC Drops Petrol Price To N880\/litre"},"content":{"rendered":"
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Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited reduced the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja.<\/p>\n

From N925, some NNPC retail outlets in Lagos changed their pump price to N880 on Easter Monday, while those in Abuja adjusted from N950 to N935.<\/p>\n

The NNPC price reduction came barely a week after the Dangote refinery lowered its ex-depot price from N865 to N835 per litre.<\/p>\n

The $20bn refinery also directed its partners like MRS, Heyden, and Ardova to sell a litre of petrol at the rate of N890 instead of N920 in Lagos, N900 in the South West, N910 in the South-South, and N920 in the North East.<\/p>\n

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The PUNCH observes that the new NNPC price in Lagos is N10 lower than that of the Dangote refinery, signalling another price war between the two companies.<\/p>\n

Our correspondent reports that some NNPC filling stations are still selling at the old rate. However, marketers said these stations were given the liberty to exhaust old stock before adjusting to new prices.<\/p>\n

In an interview with our correspondent, the National Vice President of the Independent Marketers Association of Nigeria, Hammed Fashola, confirmed the price reduction, stressing that filling station operators were losing money.<\/p>\n

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He told our correspondent that NNPC Retail sent a memo to its outlets to effect the new prices.<\/p>\n

\u201cIt is confirmed that NNPC has reduced PMS prices. It is now N880 per litre in Lagos. They sent messages to their retail outlets. Some of them have already put the price at N880. However, they allow those having old stock to continue selling at the old rate. Some are still selling at N910.<\/p>\n

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\u201cThose are the ones that still have their old stock. So, the same thing applies to independent marketers. Those that have their old stock are still trying to see how they can dispense it,\u201d he stated.<\/p>\n

While acknowledging that the fluctuation in fuel prices is one part of deregulation, Fashola declared that marketers are losing money.<\/p>\n

\u201cThe price reduction is a welcome development, but at the same time, it hurts the side of the marketers. We are losing money. That\u2019s just the truth. We are losing money. That\u2019s the bitter truth,\u201d he said.<\/p>\n

According to him, the price cuts are good for the masses, but marketers pay the price.<\/p>\n

\u201cOn the side of the masses,\u00a0 Nigerians are better for it. People are getting cheaper fuel now, which is good. That\u2019s the beauty of deregulation that we are talking about. There\u2019s nothing anybody can do about it. But marketers are the ones bearing the losses, seriously.<\/p>\n

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Asked if there is any way to reduce the losses, he replied, \u201cOn the part of marketers, what we can do is just to try as much as possible to try and sell. We will reduce prices to a level that, at least, our losses will not be too much. So, you will be able to get rid of your old stock before you go to the market to buy at the new rate and start selling at the new rate.<\/p>\n

On whether the petrol price could drop to N800 or N700 soon, Fashola refused to make projections.<\/p>\n

\u201cI don\u2019t want to predict that. You know, two major factors determine this \u2013 the crude oil price and our exchange rate. So, I don\u2019t want to predict the price. All these things have their implications. If the crude oil comes down to something like $50 per barrel, it has its implications for our economy. It will affect the government revenue. At the same time, inflation and all that are also there. So, I don\u2019t want to predict that,\u201d he stated.<\/p>\n<\/div>\n

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    Petroleum product marketers on Monday lamented their losses as the Nigerian National Petroleum Company Limited reduced the price of Premium Motor Spirit (petrol) to N880 per litre in Lagos and N935 in Abuja. From...<\/p>\n","protected":false},"author":2,"featured_media":5538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-5537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-music"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=5537"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5537\/revisions"}],"predecessor-version":[{"id":5539,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/5537\/revisions\/5539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/5538"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=5537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=5537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=5537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}