The Nigerian National Petroleum Corporation (NNPC) has announced a downward revision of the N113.28 per litre ex-depot petrol price to N108 per litre.
Kennie Obateru, group general manager of the NNPC Public Affairs Division, said the analysis is in accordance with the current pricing structure, which calls for a petrol change to match the global crude oil price situation.
However, the company did not mention the retail petrol price.
NNPC said the price would be reflected in all the loading facilities for its goods as well as in its operations throughput.
Obateru quoted Musa Lawan, the managing director of the Petroleum Products Marketing Company (PPMC), as saying that the new price regime would allow PPMC to raise its selling volumes from the billions of litres of petrol it has in storage, thus supplying millions of customers with affordable prices.
He said the new price was arrived at by the internal price assessment unit of PPMC after a thorough analysis of the industry realities.
The PPMC MD, however, pointed out that automotive gas oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.
On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC retail pump prices.
From March 19, 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price was reduced from N133.28/litre to N113.28/litre.
Please share this news
