The Nigerian National Petroleum Corporation (NNPC) has reduced the cost of ex-depot price of Petrol from N113.28k per litre to N108.00K per litre.
It said the reduction cut across all its products loading facilities as well as in all its operations.
The Corporation made the announcement through a release signed by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, in Abuja on Wednesday.
Obateru quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Petrol, was part of the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
Lawan explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of Petrol it has in storage while providing affordable price to millions of customers.
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He explained further that the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.
Lawan, 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.
Thus, effective 19 March 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre.
Its ex-depot price was also reduced from N133.28/litre to N113.28/litre.