The Nigerian National Petroleum Corporation (NNPC) says the
fuel pumps at its retail stations will be adjusted to N125 for each litre of
petrol on Thursday.
Mele Kyari, NNPC group managing director, said the
adjustment is in compliance with the directive given by Timipre Sylva, the
minister of state for petroleum resources.
“In compliance with the directives of the honourable
minister of state for petroleum resources on PMS pricing, the corporation has
reviewed its ex-coastal, ex-depot and NNPC retail pump prices accordingly,” the
statement read.
“Effective March 19, 2020, NNPC ex-coastal price for PMS has
been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot
price is reduced from N133.28/litre to N113.28/litre.
“These reductions will, therefore, translate to N125/litre
retail pump price.”
Kyari said the immediate adjustment will come at a cost to
the corporation, however, “NNPC is delighted to effect this massive reduction
of N20/litre for the benefit of all Nigerians”.
“Accordingly, all NNPC retail stations nationwide have been
directed to change the retail pump price to N125/litre.”
Addressing journalists at the end of the federal executive
council meeting on Thursday, Sylva had said President Muhammadu Buhari approved
that Nigerians should benefit from the reduction in the price of PMS which is a
direct effect of the crash in global crude oil prices.
The move is also a step in the direction of deregulating the
downstream sector as petrol retail price will be adjusted any development in
the global oil market.
Crude oil price dropped as a result of reduced oil demand as
economies shut down to curb the spread of coronavirus.
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