NNPC effects downward review of pump price of petrol

ABUJA, Nigeria – In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Nigerian National Petroleum Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.

 
Effective 19^th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.

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These reductions will therefore translate to N125/litre retail pump price. “Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.

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Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre, Group Managing Director of the NNPC, Mallam Mele Kyari said in a statement.

The oil marketers under the umbrella of Major Marketers Association of Nigeria (MOMAN) has thrown its support of any measures Federal Government takes to bring about succour to Nigerians and improves the petroleum industry.

Mr Tunji Oyebanji, MOMAN chairman disclosed this in Lagos on Wednesday against the backdrop of government directives on reduction in the petrol price from N145 per litre to about N125 per litre 

In line with the Federal Government approval for an adjustment in the pump price of petrol, the Nigerian National Petroleum Corporation (NNPC) has been directed to change their pump prices to N125 per litre from Wednesday.

Speaking earlier before the official directive, Oyebanji, said as at now we have not seen any official communication on the price reduction but what will like to say is that certainly , MOMAN is in support of whatever policy government comes with to bring succour to Nigerian people at this very hard and trying period of the country.

” We (MOMAN) will  do whatever in our power to make whatever policy government is coming up to work.  We are assured that in implementing this policy, government, will have the best interest of industry at heart as we looked forward to getting other details. 

” People may have to bear in little time, as we don’t really know the details but there is a template on which prices are made, which we have not seen. A lot of things were still not cleared.

” The main  message here is that, we are on total support in whatever policy government comes up with that will bring  succour to Nigerians and improves the downstream operations.

The MOMAN chairman  said that the association is optimistic that the process will be beneficial to downstream sector of the oil and gas industry.

Oyebanji  said: ” We are not sure whether it’s a reduction or a complete deregulation. It is a bit difficult to say now, but we hope that in the process marketer’s margin will be improved within the industry, so as to attract more investment that people will invest in the business. 

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” If our facilities and operations are safe it will makes delivery more efficient. We hope all these will be included in the package.

In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly. Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre. 

These reductions will therefore translate to N125/litre retail pump price.  Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians. Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.