The Nigerian National Petroleum Corporation (NNPC) on Wednesday night announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre.
It said the price reduction took effect across all its products loading facilities as well as in its operations.
Quoting the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, the corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, said that the new ex-depot price of Premium Motor Spirit, otherwise called petrol, was a reflection of the company’s market strategy.
Lawan said the strategy was to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.
According to him, 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.
Lawan said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.
The corporation, however, did not state whether the new downward review of its ex-depot price would translate to a reduction in the pump price of PMS, which presently sells for N125 per litre in most states.
The PPMC boss further pointed out that Automotive Gas Oil, otherwise called diesel, being already deregulated, had its prices determined by market forces.