The recent reduction in the ex-depot price of petrol by the Nigerian National Petroleum Corporation was to keep the oil firm competitive following the commencement of petrol imports by private marketers
It was learnt that the corporation had abundant stock and it had to crash its ex-depot price in order not to lose its customers, as more dealers began the importation of petrol.
Petroleum Products Pricing Regulatory Agency had issued permits to private marketers to join the NNPC in the importation of petrol.
For more than two years, the NNPC served as the sole importer of petrol into Nigeria, before the downstream sector was officially liberalised on March 19.
On May 6, the NNPC announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108 per litre.