Following the order by President Muhammadu Buhari that price of Premium Motor Spirit (PMS) be slashed, the Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the price of petrol to N125 per litre.
The Minister of State for Petroleum, Timipre Sylva, had said earlier on Wednesday that the President approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.
“In view of this situation, based on the price modulation template approved in 2015, the Federal Government is directing the Nigerian National Petroleum Corporation (NNPC), to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities,” he said.
According to a statement by the Group Managing Director of NNPC, Mele Kyari, “Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.”
The price of oil in the international market experienced a sudden fall from over $50 to about $30.
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