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, industry operators said.
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.
Reports have it that the 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.
Officials at the Abuja headquarters of PPPRA and oil marketers said the national oil firm decided to cut down its ex-depot price because the cost of petrol might crash once the products of other marketers begin to hit the market.
They told our correspondent that although the reduction had not caused a corresponding crash in the pump price of petrol, the cost of the commodity at filling stations might drop by next month.
