N125 petrol pump price: NNPC complies with directive, asks retail stations to change
The Nigerian National Petroleum Corporation,NNPC said it has reviewed “its ex-coastal, ex-depot and NNPC retail pump prices” in compliance with the directive of the Minister of State for Petroleum Resources on PMS pricing.
The Minister had
earlier announced that President Muhammadu Buhari had approved a reduction of the pump price of PMS to N125 per litre as
part of the measures to cushion the effects of coronavirus.
In a statement he personally signed, the Group Managing Director, NNPC,Mele K. Kyari said, “I n compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
“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.”
