Petroleum product marketers across Nigeria on Monday expressed concerns over mounting losses following the Nigerian National Petroleum Company Limited’s (NNPC) reduction in the pump price of Premium Motor Spirit (petrol). The price was adjusted to ₦880 per litre in Lagos and ₦935 in Abuja, down from ₦925 and ₦950 respectively.
The price slash took effect on Easter Monday at several NNPC retail outlets, catching some marketers off guard and prompting worries over stock purchased at higher rates. The development came shortly after the Dangote Refinery also reduced its ex-depot price from ₦865 to ₦835 per litre, directing partners such as MRS, Heyden, and Ardova to cap retail prices at ₦890 in Lagos, ₦900 in the South West, ₦910 in the South-South, and ₦920 in the North East.
Marketers have lamented the financial strain caused by the abrupt price changes, stating that they risk heavy losses on inventory procured before the cuts. They have called for more predictable pricing structures and improved communication from suppliers to help mitigate the impact of sudden adjustments.
