x

NNPC reduces petrol’s ex-depot price to N108

The Nigerian National Petroleum Corporation on Wednesday night announced a reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre.

The ex-depot price is the price at which the product is sold to marketers at the depots.

It said the price reduction took effect across all its products loading facilities as well as in its throughput operations.

The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (petrol) was a reflection of the company’s market strategy.

Lawan said the strategy was to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.

He explained that the new price regime would enable the 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.

Lawan said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

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, also known as diesel, being already deregulated, had its prices determined by market forces.

On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC retail pump prices.

Thus, effective March 19, 2020, the NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre.

Its ex-depot price was also reduced from N133.28/litre to N113.28/litre.

Hot this week

Tinubu mulls female INEC Chairman to replace Mahmood

By Achadu Gabriel, KadunaAgainst the backdrop of the...

Interfaith Mediation Centre to Host October 2025 Climate Hangout in Kaduna

**By Achadu Gabriel, Kaduna**The Interfaith Mediation Centre (IMC) is...

CSO Calls for Abolition of CBN’s 2% Service Charge on Hajj Fare

**By Jabiru Hassan**The Independent Hajj Reporters (IHR), a civil...

North Central Development Commission Pledges Transparency in ₦140bn Budget as NASS Reviews Estimates

By Israel Adamu, JosThe North Central Development Commission (NCDC)...

JUST IN: ISWAP Launches Deadly Attack on Military Base in Borno, Soldiers Feared Killed

Several soldiers are feared dead while others sustained injuries...

Today’s football match fixtures

Here’s a clean, reader-friendly rewrite of today’s global football...

Japan Plunges into Political Turmoil as Ruling Coalition Collapses

Japan was thrown into political uncertainty on Friday after...

Kogi Court Sentences 28-Year-Old Husseini Mustapha to Life Imprisonment for Rape

By Noah Ocheni, LokojaThe Kogi State High Court sitting...

Olawepo-Hashim Accuses APC Elements of Orchestrating Smear Campaign Ahead of 2027 Elections

By Achadu Gabriel, KadunaFormer presidential candidate Dr. Gbenga Olawepo-Hashim...

WHO Eyes 2030 As Year For Achievement of Refractive Eye Care For All

By Joyce Remi-BabayejuAs the world marks the 2025...

Related Articles

Popular Categories

spot_imgspot_img