Though the Petroleum Products Pricing Regulatory Agency’s (PPPRA) is officially empowered to regulate the price of petroleum prices in the Nigerian National Petroleum Corporation (NNPC) yesterday took over the role by reducing the pump price of the Premium Motor Spirit otherwise called petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through put operations.
Earlier in the year, PPPRA had pledged to modulate the price monthly but failed to do for the month of April, but NNPC’s Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying that the new ex-depot price petrol, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.
According to Lawan, 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 stated that the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.
Lawan noted that Automotive Gas Oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.
“On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.
“Thus, effective 19 March 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price was reduced from N133.28/litre to N113.28/litre,” he said.
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