The latest reduction in the ex-depot price of petrol to N108 per litre will not translate to an immediate drop in the pump price of the commodity at filling stations, oil marketers stated on Thursday.
On Wednesday, the Nigerian National Petroleum Corporation announced a reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre.
Reacting to the development, oil marketers told our correspondent that the reduction was welcomed but added that it would not immediately reflect on the current pump price of petrol.
The Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said marketers would have to sell their old stock at the current N125 per litre price before effecting any reduction.
He also noted that the Petroleum Products Pricing Regulatory Agency had yet to make any statement on the cost of the commodity, adding that it was not the duty of marketers to announce a new price. (Text and photo courtesy Punch)