FG reduces prices of Petroleum products

The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities.

With the new price regime, it’s expected that pump price will be reviewed downward.

A release Wednwsday, in Abuja by Group General Manager, Group Public Affairs Division NNPC, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called 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 MD however, said 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 March 19, 2020, NNPC ex-coastal price for PMS 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