The Nigerian National Petroleum Corporation has announced the slashing of ex-depot price of petrol from N113.28k per litre to N108.00k across its entire loading facilities in the country.
The reduction is the second in barely two months after the NNPC had in March 19 reduced the price to N113.
In a statement by the state-owned petroleum company, signed by its Group General Manager, Dr. Kennie Obateru, the reduction in the price “reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.”
The NNPC said, “The new price regime would enable Petroleum Products Marketing Agency (PPMC) to boost sales volumes from the billions of litres of Petrol it has in storage while providing affordable price to millions of customers.”
The reduced price, it said, was arrived at after a far- reaching review of the market realities by the PPMC’s internal price review unit.
The NNPC also revealed that the price of diesel had already been deregulated, thus allowing market forces to determine its price.