The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N133.28 per litre to N108.00K per litre.
The corporation said the new price cuts across all its products loading facilities as well as in its throughput operations.
A statement in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, noted that the move was to further make the product more affordable to Nigerians
Obateru quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of petrol, reflected the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
He said that the PPMC boss explained that the new price regime would enable the subsidiary to boost its sales volumes from the billions of litres of petrol it had in storage while providing affordable price to millions of customers.
The statement said the new price was arrived at after an extensive review of market realities by the PPMC internal price review unit.
However, it pointed out that Automotive Gas Oil (AGO), otherwise called diesel, having been already deregulated, its prices were now determined by market forces.
The statement recalled that on March 18, 2020, the NNPC reviewed its petrol ex-coastal, ex-depot and NNPC Retail pump prices.
“Thus, effective 19 March 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while ex-depot price was reduced from N133.28/litre to N113.28/litre,” the NNPC noted.
