Our efforts have triggered drop in price of petrol across Nigeria – NNPC

The Nigerian National Petroleum Corporation (NNPC) Sunday announced that its continued strategic intervention towards the efficient supply and distribution of petroleum products had triggered a fall in the price of Premium Motor Spirit (PMS), also known as petrol, and Liquefied Petroleum Gas, also known as cooking gas, across the country.

These conclusions, the corporation said, were based on a national survey by its oil and gas forum.

The survey, it stated, showed that over the last few weeks, the price of petrol had fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country.

Read also: Inflation to further decline in August; commodity prices to ease in 4th Qtr- Analysts

The corporation said in a statement issued by its spokesperson, Ndu Ughamadu, that, “The study showed that NNPC mega and affiliate stations across the country are selling the product for N143 per litre, while the pump pricerange from between N142 and N145 per litre in some major and independent marketers in Lagos, Abuja, Sokoto, Enugu, Delta and other major cities”.

NNPC stated that one of the respondents in the survey and a manager at an independent fuel retail station in Abuja, Mohammed Abdullahi, disclosed that his station currently sold petrol at N142 per litre in line with the prevailing market situation.

Its survey also revealed that another independent marketer in Mosimi, Emeka Ikechukwu, explained that the going ex-depot prices of PMS had dropped from N138 per litre in most depots to N133.28 in NNPC depots and between N130 and N131 per litre in private depots.

The oil firm however noted that the situation was slightly different in Aba and Umuahia in Abia State, as well as Calabar in Cross River State, where most independent fuel stations and major marketers sold the product at N145 per litre.

A similar trend of drop in price for cooking gas with the average price for refilling 5kg cylinder at N2,215.96, in contrast to the former price of N2,500, was also shown by the survey.

The report further revealed that states with the lowest average price for the 5kg LPG refill were Kaduna and Niger at N2,000; Kogi at N2,005.00; and Oyo at N2,033.33.

It disclosed that at the NNPC mega and retail stations nationwide, a 12.5kg of cooking gas that was sold for N4,500 a few months ago was now sold for N3,800, while other retail outlets sold the same quantity for N4,000.

“NNPC has sustained its interventions through sustained improvement in the supply of the products and remodeling of distribution channels to address sufficiency issues across the country,” the corporation said.

It added that it had also stepped up the resuscitation of some of its critical pipelines and depots such as the Atlas Cove-Mosimi Depot Pipeline, Port Harcourt Refinery-Aba Depot Pipeline, Kaduna-Kano Pipeline and the Kano depot, adding that these facilities had enhanced efficiency in products distribution.

“Efforts are also ongoing by the NNPC to revamp and re-commission other critical pipelines and depots across the country to further push down the prices of petroleum products for the benefit of consumers”, it said.

 

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