- The Nigerian National Petroleum Corporation has announced when its retail stations will begin to sell fuel at the adjusted price of N125 per litre
- Mele Kyari who is the GMD of NNPC said the corporation will start selling with the new price on Thursday, March 19
- Recall that President Buhari had earlier approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125
The Nigerian National Petroleum Corporation (NNPC) has said that its retail stations will begin to sell fuel at the adjusted price of N125 per litre beginning from Thursday, March 19.
This is in line with the federal government’s directive ordering the NNPC to adjust the price of fuel to reflect global market realities.
Speaking on the adjustment and new directives to its retail stations, the corporation’s Group Managing Director (GMD), Mele Kyari, said the NNPC has reviewed its Ex-coastal, Ex-depot and NNPC retail pump prices.
According to his statement on Wednesday, March 18, Kyari noted that despite the obvious implications of this immediate adjustment to the corporation, the NNPC is delighted to effect the massive reduction of N20/litre for the benefit of all Nigerians.
Earlier, Legit.ng reported that President Muhammadu Buhari approved the reduction in the pump price of premium motor spirit from N145 per litre to about N125.
The state minister for petroleum resources, Timipre Sylva, has confirmed the development in a statement released in Abuja.
Legit.ng notes that the state minister had earlier said the Petroleum Products Pricing Regulatory Agency (PPPRA ) would make the new templates known.
Sylva attributed the reduction in price to the decline in the prices of crude oil. The Ministry of Petroleum has also released an update that the new price of petrol following the slash in the prices of crude oil will be N125.
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Meanwhile, the national chairman of the All Progressives Congress, Comrade Adams Oshiomhole, has commended President Buhari for approving a reduction in the pump price of petrol from N145 to N125 per litre.
Oshiomhole through a statement by his media aide Simon Ebegbulem described the president’s decision proved that the Buhari-led APC government is progressive-minded.
He said the petrol price reduction also shows that the Buhari administration is compassionate in its effort to align with the current global economic realities caused by the fall in crude oil prices.
In another report, Legit.ng recalled that the federal government had earlier promised that it was working to provide alternative petrol for Nigerians that will cost between N95 to N97 per litre.
Sylva told reporters in Abuja on Thursday, January 16, that the alternative petrol will be provided using the compressed natural gas (CNG).
The minister made the disclosure when asked whether the government was going to reduce the pump prices of petrol to make it more affordable.
He said the CNG fuel has undergone a pilot project in Benin City where over 10,000 vehicles are already running on it.
Sylva noted that with CNG the cost of fuel will reduce to about N95 per litre.
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