The Nigerian National Petroleum Corporation (NNPC) has
announced a downward review of the ex-depot price of petrol from N113.28 per
litre to N108 per litre.
Kennie Obateru, group general manager of the NNPC public
affairs division, said the review is in line with the new pricing template that
allows for an adjustment of petrol to reflect the situation in the global crude
oil market.
The corporation, 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.
Obateru quoted Musa Lawan, the managing director of the
Petroleum Products Marketing Company (PPMC), as saying 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 MD, 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.
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.
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