NNPC reduces ex-depot price of petrol to N108 per litre

NNPC reduces ex-depot price of petrol to N108 per litre

- The NNPC has reduced the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities

- The oil company said the reduction is part of its strategy to make more sales while complying with the price template made available by the PPRA, the agency in charge of petrol pricing

- According to NNPC, the new price regime would boost sales volumes from the billions of litres of petrol it has in storage while providing affordable price to millions of customers

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The Nigerian National Petroleum Corporation (NNPC) has 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 throughput operations.

This was made known in a statement released on Wednesday, May 6, in Abuja by the corporation's Group General Manager, Group Public Affairs Division, Dr Kennie Obateru.

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The statement quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, 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.

Lawan explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of petrol it has in storage while providing affordable price to millions of customers.

He said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

The PPMC MD, however, pointed out that Automotive Gas Oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.

Recall that on Wednesday, March 18, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.

Thus, effective Thursday, March 19, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while ex-depot price was reduced from N133.28/litre to N113.28/litre.

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Meanwhile, Legit.ng previously reported that Mele Kyari, the group managing director of the NNPC, said the slump in the US crude oil futures below $0 per barrel was not a reflection of the reality in the global oil market capable of impacting Nigeria’s oil production.

The GMD of the NNPC said on Tuesday, April 21, that Nigeria has no cause to be apprehensive.

He said the current position in the US market does not have any direct impact on the price of the Brent crude oil blend, which rose to about $28 per barrel before dropping to the current price of to $26.24 a barrel.

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