NNPC Reduces Ex-depot Price Of Petrol
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.pc
It said on Wednesday that the new price takes effect across all its products loading facilities as well as in its operations.
Kenny Obateru, the corporation’s Group General Manager, Group Public Affairs Division, quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit, otherwise called petrol, was a reflection of the company’s market strategy.
He said the strategy is to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.
The Punch reports that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of petrol it had in storage while providing affordable price to millions of customers.
The corporation, however, did not state whether the new downward review of its ex-depot price would translate to a reduction in the pump price of PMS.
The PPMC boss further pointed out that Automotive Gas Oil, otherwise called diesel, being already deregulated, had its prices determined by market forces.