The group managing director of Nigerian National Petroleum Corporation (NNPC), Mele Kyari has disclosed that the N125 per litre petrol price will kick off on Thursday, 19th March, 2020.
Kyari announced this in a statement signed by him following a directive from Minister of State for Petroleum Resources, Timipre Sylva on Wednesday.
The statement read: “In compliance with the directives of the honourable minister of state for petroleum resources on PMS pricing, the corporation has reviewed its ex-coastal, ex-depot and NNPC retail pump prices accordingly.
“Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will, therefore, translate to N125/litre retail pump price.”
Kyari also noted that the immediate adjustment will come at a cost to the corporation, however, “NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians”.
“Accordingly, all NNPC retail stations nationwide have been directed to change the retail pump price to N125/litre.”
