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NNPC Reduces Ex-Depot Fuel Price from N113 to N108/ Litre

Lawan said the new price, which was arrived at after extensive review of market realities by the PPMC, would not only enable it offload billions of litres of Petrol in storage but 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 but was however guided by the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.

Lawan said the new price, which was arrived at after extensive review of market realities by the PPMC, would not only enable it offload billions of litres of Petrol in storage but also provide affordable product to customers.

The price of diesel was not affected in the adjustment because it is already deregulated and has for some time now been determined by market forces, the PPMC MD explained.

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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