NNPC reduces ex-depot petrol price

The Nigerian National Petroleum Corporation (NNPC) has revealed a downward review of the ex-depot price of petrol from N113.28 per litre to N108 per litre.

Onyxnews Nigeria reports that the Group general manager of the NNPC public affairs division, Kennie Obateru, said the review is in line with the new pricing file that allows for an adjustment of petrol to reflect the situation in the global crude oil market.

The organisation, however, did not state the retail price of petrol.

NNPC said the price would be reflected across all its products loading facilities as well as in its through-put operations.

The group GM quoted the managing director of the Petroleum Products Marketing Company (PPMC), Musa Lawan as saying the new price regime would enable PPMC to boost its volume of sales from the billions of petrol litres 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 MD, however, said that automotive gas oil (AGO), know as diesel, being already deregulated, its prices are determined by market forces.

This year, March 18, 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.