OIL MARKETERS CANT ANNOUNCE THE PRICE OF PETROL SAYS IMPMAN

Oil marketers on Thursday in Nigeria have said the recent price reduction on petrol 180 naira per liter will not take an immediate drop in the price of petrol in Nigeria 

It will be recalled that On Wednesday, the Nigerian National Petroleum Corporation announced a reduction in the ex-depot price of petrol from N113.28 per liter to N108 per liter.

Reacting to the development, oil marketers revealed to newsmen 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 liter price before effecting any reduction.

Abubakar 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.