Nigeria’s government has announced a reduction in the ex-depot price of its Premium Motor Spirit (PMS) also known as petrol, across all its products loading facilities.
The National Petroleum Corporation (NNPC), making the announcement on Wednesday, said, the ex-depot price PMS has been reduced from N113.28k per litre to N108.00K per litre across all its products loading facilities.
The corporation in a statement issued by the its spokesman, Dr Kenny Obateru in Abuja on Wednesday, said the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, disclosed that the new ex-depot price of PMS reflects the company’s market strategy.
ALSO READ: Nigerian woman gives birth to baby boy mid-air on flight repatriating 256 others from Dubai to Lagos
According to him, the strategy will help to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
Lawan explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of Petrol it had 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 boss however pointed out that the price of Automotive Gas Oil (AGO), otherwise called diesel, which had already been deregulated was determined by market forces.
On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.
Thus, effective March 19 NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while ex-depot price was reduced from N133.28/litre to N113.28/litre.