The Nigerian National Petroleum Corporation (NNPC) has said the ex-depot price of petrol has dropped from N138 to N133.28 per litre in most of its depots, indicating a gain of N4.72 for marketers.
The drop is even sharper in private depots where the price came down to N130 or N131 per litre, a gain of N7 to the buyers.
The corporation explained that as a result, the pump price of petrol has fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country.
Daily Trust notes that motorists with cars having 60-litre tanks, for example, will gain N180 any time they fill their tanks when they hit reserve.
NNPC Group General Manager, Public Affair Division, Ndu Ughamadu, in a statement yesterday said the drop was due to a sustained strategic intervention in the sector.
The efficient supply and distribution of petroleum products by the Corporation led to the significant fall in the prices of petrol and Liquefied Petroleum Gas (LPG), also known as cooking gas, nationwide.
The statement said efforts are also ongoing to revamp other critical pipelines and depots across the country to further push down the prices of petroleum products for the benefit of consumers.
The statement said a national survey by Oil and Gas Forum, an NNPC weekly TV programme, indicated that in the last few weeks, the price of petrol has fallen steadily from N145 per litre to between N142 and N143 per litre across the country.
The study showed NNPC Mega and affiliate stations sell at N143 per litre, while the pump price range from between N142 and N145 per litre in some major and independent marketers in Lagos, Abuja, Sokoto, Enugu, Delta and other major cities.
One of the respondents in the survey and a manager at an independent fuel retail station in Abuja, Mohammed Abdullahi, said the station currently sells petrol at N142 per litre in line with the prevailing market situation in order to sustain the turnover of the business and to attract more customers.topics from