Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
The Nigerian National Petroleum Corporation (NNPC) yesterday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108 per litre across all its products loading facilities as well as in its throughput operations.
The corporation in a statement yesterday in Abuja by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Musa Lawan, as saying that the new ex-depot price of petrol reflects 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.
He said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.
The PPMC chief however pointed out that Automotive Gas Oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.
NNPC had on March 19, 2020 announced a review of its petrol ex-coastal, ex-depot and NNPC Retail pump prices, thus effective March 19, 2020, the corporation’s ex-coastal price for petrol 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.