The Nigeria National Petroleum Corporation, NNPC, has revealed the reason behind the decision of some filling stations that are yet to start selling fuel at N125 pump price.
Recall that President Muhammadu Buhari on Wednesday approved the reduction from N145/liter to N125. The new pricing is also expected to reflect on diesel and kerosene.
This is coming at the time when the dreaded Coronavirus has affected the economy of countries across the world forcing the changes in fuel price.
The Managing Director of NNPC Group, Mela Kyari, stated that the new price is not being enforced yet, because some filling stations across the country still have old stock.
He further stated that NNPC filling stations have complied with the new fuel price because even at the new price regime they can recover its cost.
“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 are able to 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.”