Business

NNPC crashes diesel price by 42%

NNPC crashes diesel price by 42%
Written by Editor

The Nigerian National Petroleum Corporation (NNPC) says it has crashed the price of Automotive Gas Oil (AGO), also known as Diesel, by about 42% nationwide.

The corporation noted that the product now sells for N175 per litre, a downslide over the last six months, from its former price of N300/litre following key strategic interventions.

Recall that in the first quarter 2017, retail prices of AGO, one of the deregulated products, shot to an all-time high of N300/litre in major demand centres across the country.

This placed a huge burden on truck drivers, who need the product for transporting their vehicles; the nation’s manufacturing sector, which requires it to run its operations as well as on the masses, who need it for household power generation.

The NNPC in a statement by its Group General Manager, Group Public Affairs Division, Ndu Ughamadu stated that “some of the Corporation’s strategic interventions in this regard include improving the supply of AGO and remodeling of the product distribution to address sufficiency issues across the country.

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“Since January this year, we have worked with relevant stakeholders to improve distribution from refinery depots, by implementing a robust loading programme,” Ughamadu affirmed.

“Also, in its quest to enhance efficient distribution of AGO, the Corporation was able to resuscitate its critical pipelines and depots in places such as Atlas Cove-Mosimi, Port-Harcourt Refinery-Aba and Kaduna Refinery-Kano. Efforts are also ongoing to revamp and commission other critical pipelines across the country”.

Another key intervention that has enhanced supply and distribution of diesel, the NNPC Spokesperson noted, was the Corporation’s engagement with critical downstream stakeholders where salient issues were raised and duly addressed. These stakeholders include: Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers.

“Furthermore, as a result of consistent positive engagement with the Central Bank of Nigeria (CBN), NNPC equally extended the expansion of Premium Motor Spirit (PMS) Foreign Exchange Intervention Scheme to accommodate Diesel and Aviation Fuel.

“The general public is hereby assured that the Corporation would continue to ensure seamless supply and distribution of diesel and other petroleum products across the country to make the lives of Nigerians better”, he stated.

 

 

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Editor

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