The Nigerian National Petroleum Corporation (NNPC) has announced a further reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities.
The Group General Manager, Group Public Affairs Division of the NNPC, Kennie Obateru on Wednesday evening in Abuja quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
In his explanation, Lawan said that 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.
Recall that the Federal Government in March approved the reduction of the pump price of premium Motor Spirit (PMS), popularly referred to as petrol, from N145 per litre to N125 per litre.
The reason for that particular reduction was against the backdrop of the crash in crude oil prices globally.
