The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced a reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre across all its products loading facilities.
In a release on Wednesday in Abuja signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru; Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, was quoted as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflected 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 pointed out that prices of Automotive Gas Oil (AGO), otherwise called diesel, which had been deregulated, are determined by market forces.
On March 18, 2020, NNPC had reviewed its PMS excoastal, ex-depot and NNPC Retail pump prices. Thus, effective March 19, 2020, NNPC’s ex-coastal price for PMS was reviewed downwards from N117.6 per litre to N99.44 per litre while ex-depot price was reduced from N133.28 per litre to N113.28 per litre