The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its thruough-put operations.
Kennie Obateru, group general manager of the NNPC public affairs division, said the review is in line with the new pricing template that allows for an adjustment of petrol to reflect the situation in the global crude oil market.
The corporation, however, did not state the retail price of petrol.
NNPC said the price would be reflected across all its products loading facilities as well as in its through-put operations.
Obateru quoted Musa Lawan, the managing director of the Petroleum Products Marketing Company (PPMC), as saying 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.
The PPMC MD, however, pointed out that automotive gas oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.