By Dayo Omoogun
The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its thru put operations.
In a statement released by the Group General Manager (Public Affairs) Dr. Kennie Obateru, the 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, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
It is instructive to note that the pump price reduced to the current N125 per litre following the reduction of ex-depot price by the NNPC on March 18, 2020, about seven weeks ago.
In that instance, the Corporation had reduced the ex-depot price from N133.28/litre to N113.28/litre. It is therefore expected that with the new five naira slash, there will be a corresponding reduction in pump price.