The Nigeria National Petroleum Corporation (NNPC) has explained why fuel stations are not selling petrol at N125 per litre days after President Muhammadu Buhari approved the reduction.
The NNPC Managing Director, Mela Kyari, said many fuel stations cannot immediately sell at a reduced rate because they still have old stock.
“What we also know is that private marketers have bought products above this price from the market. And we know this is a transition, the market will balance itself and as soon as they can get rid of their existing stock, the forces of competition will bring everybody to the right price and I believe that it is possible to get cheaper products in few weeks to come, cheaper than what you see today.”
“Be assured everybody will rush to sell even at the N125 nobody will agree to buy because probably you will find cheaper products,” he told Daily Sun.
POLITICS NIGERIA understands the new pricing is also expected to reflect on diesel and kerosene.
