The Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that it had reviewed the ex-depot price of petrol from N113.28k per litre to N108.00K per litre.
Kennie Obateru, NNPC’s Group General Manager, Public Affairs Division, said the price was reduced to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
“We reviewed the ex-depot price to enable us to make more sales. For AGO, it is a deregulated product and as such is its prices are determined by market forces,” he added.
Obateru quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying 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.
According to him, the price was reviewed after extensive review of market realities by the PPMC internal price review unit.
The PPMC MD noted that Automotive Gas oil, also known as diesel, is being deregulated and its price is determined by market forces.
Recall that the NNPC on March 18, 2020, reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.
The price was reduced downwards from N117.6/litre to N99.44/litre.