Connect with us

Uncategorized

NNPC reduces ex-depot price of petrol to N108 per litre

Published

on

The Nigerian National Petroleum Corporation on Wednesday night announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre.

It said the price reduction took effect across all its products loading facilities as well as in its operations.

The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit, otherwise called petrol, was a reflection of the company’s market strategy.

Lawan said the strategy was to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.

He explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of petrol it had in storage while providing affordable price to millions of customers.

Lawan said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

The corporation, however, did not state whether the new downward review of its ex-depot price would translate to a reduction in the pump price of PMS.

The PPMC boss further pointed out that Automotive Gas Oil, otherwise called diesel, being already deregulated, had its prices determined by market forces.

On March 18, 2020, 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.

Its ex-depot price was also reduced from N133.28/litre to N113.28/litre.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TRENDING

Politics2 months ago

Ex- Super Eagles Players Praise Asiwaju Tinubu’s Contributions to Nigeria, Sports

Former Nigeria’s international football players have commended All Progressives Congress National Leader, Asíwájú Bola Tinubu, for his contributions to democracy...

News2 months ago

Obiano’s wife was drunk – Bianca Ojukwu opens up on ‘valedictory slap’

Bianca, the wife of late Odumegwu Ojukwu, has explained why she slapped Ebele Obiano at the inauguration ceremony of Prof....

Politics2 months ago

Kaduna govt directs appointees seeking political office to resign

The Kaduna State Government has directed all political appointees and public servants aspiring for political offices in the 2023 general...

News2 months ago

Buhari approves new NBC board

President Muhammadu Buhari has approved the reconstitution of the Governing Board of the National Broadcasting Commission, NBC, following the expiration...

News2 months ago

Police arrest 2 soldiers, 3 others for robbing POS agent in Borno

The police in Borno have arrested five suspects, including two soldiers for alleged armed robbery and culpable homicide. Commissioner of...

News2 months ago

Terrorists kill DPO, 2 other policemen, 4 vigilantes in Niger

Suspected bandit terrorists have again hit Niger State, during which a Divisional Police Officer, DPO, two of his officers and four vigilante members were killed.  The...

Politics2 months ago

PDP will die in 2023 if it loses election – Atiku

Atiku Abubakar, a former Vice President, has said that the opposition Peoples Democratic Party (PDP) might not survive another eight...

News2 months ago

Presidency blames ‘Jonathan’ govt for recent national grid collapse

The Presidency has blamed the immediate past administration for the recent collapse of the nation’s power system. President Buhari’s Personal...

Uncategorized3 months ago

Mrs Dolapo in Maiduguri, marks Osinbajo’s birthday at North East Children’s Centre

Wife of the Vice President, Mrs Dolapo Osinbajo, was in Maiduguri on Monday to visit the North East Children’s Learning...

News6 months ago

Zulum to commission 22 schools, other projects in southern Borno

Governor Babagana Zulum of Borno has begun a five-day official visit to the southern part of the state to inaugurate...

Advertisement

Trending

Copyright © 2018 Daily correspondents