The pump price of petrol has been reduced by the Nigerian National Petroleum Corporation, from N145 per litre to N125.
President Muhammadu Bulgaria approved the price reduction after the Minister of State for Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.
Sylva also made a presentation to the Federal Executive Council on Wednesday.
“The drop in crude oil prices has pushed the expected open market price of imported petrol below the official pump price of 145 per litre,” Sylva said.
He added, “Therefore, the FG is directing the NNPC to reduce ex-coastal and ex-depot prices of PMS to reflect the current market realities.”
Sylva also said the new price would take “immediate effect.”
The government directed the NNPC and the Petroleum Products Pricing Regulatory Agency to work out the details immediately.
He added that the pump prices of diesel and kerosene would also be reduced. Sylva said the NNPC would roll out all the new prices immediately.
In complying with the directive, the Group Managing Director, NNPC, Mele Kyari, said the corporation had reviewed its ex-coastal and ex-depot prices for petrol accordingly.
He said, “Effective 19th March 2020, NNPC Ex-coastal price for PMS has been reviewed downwards from N117.6/litres 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.”
Kyari stated that all NNPC retail stations nationwide had been directed to change the retail pump price to N125/litre.
