The Nigeria National Petroleum Corporation (NNPC) has given reasons private filling stations are yet to start selling fuel at the new N125 pump price.
President Muhammadu Buhari approved the reduction from N145/liter to about N125 on Wednesday.
The new pricing is also expected to reflect on diesel and kerosene.
NNPC’s Group Managing Director, Mela Kyari, however says the new price is not being enforced yet, because the fuel stations still have old stock, the Sun reports.
Kyari explained that NNPC filling stations have complied, 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,” he said.