The Nigerian National Petroleum Corporation on Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations.
A release signed by the corporation’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, said that the new ex-depot price of Premium Motor Spirit otherwise called petrol, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.
Obateru, who quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.
The PPMC MD however, pointed out that the price of Automotive Gas Oil otherwise called diesel, being already deregulated, is determined by market forces.
“On March 18, 2020, the NNPC reviewed its PMS 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 the ex-depot price was reduced from N133.28/litre to N113.28/litre,” part of the statement read.