The Nigerian National Petroleum Corporation (NNPC) has announced a downward review of the ex-depot price of petrol from N113.28 per litre to N108 per litre.
Kennie Obateru, group general manager of the NNPC public affairs division, said the review is in line with the new pricing template that allows for an adjustment of petrol to reflect the situation in the global crude oil market.
The corporation, however, did not state the retail price of petrol.
NNPC said the price would be reflected across all its products loading facilities as well as in its through-put operations.
Obateru quoted Musa Lawan, the managing director of the Petroleum Products Marketing Company (PPMC), as saying 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.
On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC retail pump prices.
From March 19, 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price was reduced from N133.28/litre to N113.28/litre.