Diesel retail prices nationwide are falling and the Nigerian National Petroleum Corporation (NNPC) has attributed the continuous slide to its sustained strategic intervention.
A national survey by Oil and Gas Forum, NNPC’s weekly TV programme, indicated that in the last few weeks, the price of diesel has fallen steadily from between N175 and N200 per litre as at June 18, 2017, to as low as between N155 and N160 per litre in some stations across the country as at last week.
The study showed that NNPC Mega Stations and its affiliates across the country sold the product for N160 per litre while many major and independent marketers in Abuja, Lagos, Kaduna, Onitsha, Enugu, Makurdi and most major cities were selling between N160 and N165 per litre.
In Port Harcourt the average price is as low as N150 per litre. The Manager of a fuel retail station in Abuja, Ibrahim Isah, said the station had to reduce the selling price to N165 per litre in line with the prevailing market situation in order to sustain the turnover of the business.
An independent marketer in Makurdi, Innocent Abbah, said the going ex-depot price of diesel from tarmac or local private depots is N155 per litre.
However, the situation is slightly different in Asaba and Warri in Delta State and Uyo in Akwa Ibom state where most independent fuel stations as well as major marketers sold the product for N180 per litre.