The Federal Government in a letter dated 31st of May reduced pump price of petrol within the price range of N121.50 and N123.50, a move the marketers described as reportedly taken without due consultation with most of them. Some marketers also alleged that price would mainly favour NNPC, which sources its products through state funded subsidiary. “Please recall the recently approved pricing regime which became effective March 19, 2020, and the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations. “Small station Dealers who are struggling SMEs are becoming increasingly cautious at month end and do not order products, he noted. National President of PETROAN, Dr. Billy Gillis Harry, told The Guardian that the marketers only woke up to the new price.

Source: The Guardian June 03, 2020 04:41 UTC