NNPC Reduce fuel Price
The Nigerian National Petroleum Corporation (NNPC) has recently announced a reduction in the ex-depot price of premium motor spirit (PMS) from N113.28 per litre to N108 per litre.
The announcement came as a response to the consistent fall in the price of crude oil internationally. The Group General Manager of the NNPC public affairs division, Mr. Kennie Obateru, declared that the downward review was in line with the Corporation’s new approach allowing prices to follow the trend in international market for crude oil.
the review is to take immediate effect and will be reflected in all NNPC’s products loading facilities as well as in its through-put operations.
Musa Lawan, the managing director of the Petroleum Products Marketing Company (PPMC), was quoted as saying that the downward review in prices will ensure that the the Corporation sells more and is able to grow its revenue as commuters will have the incentive to consume more PMS.
The Managing Director added that the review was to reflect current market realities.
The PPMC MD, however, noted that the price for automotive gas oil (AGO), otherwise called diesel, is not regulated as its prices are determined by market forces.