Lawan said the new price, arrived at after extensive review of market realities by the PPMC, will enable it offload billions of litres of Petrol in storage. It will also provide affordable product to customers.
Seven weeks after it reviewed price of petrol downwards, the Nigerian National Petroleum Corporation (NNPC) yesterday 6 May 2020 again slashed petrol’s ex-depot price of petrol (the price it sells to traders) from N113.28 per litre to N108.00K per litre.
Dealers will be able to buy the product at the new price across all NNPC loading facilities in the country, Corporation spokesperson, Dr. Kennie Obateru, said in a statement.
Obateru quoted Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the price adjustment became necessary to offload current stock. It however followed the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
PPPRA fixed the new price after extensive review of market realities by the PPMC, Lawan said. The goal is to enable it offload billions of litres of Petrol in storage. It will also provide affordable product to customers.
Diesel price was not adjusted since it is already deregulated, officials explained. The price of gas is now determined by market forces, according to the PPMC MD.
NNPC first slashed the ex-coastal price of petrol on 18 March 2020 from N117.6 per litre to N99.44 per litre, while the ex-depot price was also reduced to N113.28/litre, effective the day after.
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