The Nigerian National Petroleum Corporation (NNPC) Wednesday night announced a cut in the ex-depot price of petrol from N113.28 per litre to N108.
According to the corporation, the price slash took effect across all its products loading facilities and in its operations.
Kennie Obateru, the NNPC’s Group General Manager, Public Affairs Division quoted Musa Lawan, Managing Director of the Petroleum Products Marketing Company (PPMC), as saying that the new ex-depot price of Premium Motor Spirit was a reflection of the company’s market strategy.
Lawan stated that the strategy was to make more sales while complying with the price template of the Petroleum Products Pricing Regulatory Agency.
He said the new price regime would help PPMC to improve its sales volume from the billions of litres of petrol in its storage while providing affordable price to millions of customers.
He observed that the new price was decided after extensive review of market realities by the PPMC internal price review unit.
The NNPC did not mention whether the new reduction of the ex-depot would translate to a cut in the pump price of PMS.
Lawan said that Automotive Gas Oil known as diesel, being already regulated, had its prices determined by market forces.
The NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices on 18th March.
The NNPC ex-coastal price for PMS was reviewed downwards from N117.6 per litre to N99.44 effective from 19th March.
Its ex-depot price was similarly reduced from N133.28 per litre to N113.28.
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