Buhari Slashes Fuel Pump Price To N125
LAGOS MARCH 19TH (NEWSRANGERS)-The Federal Government in a statement issued on Wednesday directed the Nigerian National Petroleum Corporation to reduce the ex-coastal and ex-depot prices of petrol, “to reflect current realities.”
Reacting to the directive, the NNPC in a tweet on Wednesday, said: “effective 19th March 2020, the Ex-Coastal price for PMS will be reviewed downwards from N117.6/ltr to N99.44/litre while Ex-Depot price is reduced from N133.28/ltr to N113.28/litre.These reductions will therefore translate to N125/litre retail pump price.”
The statement signed by the Minister of State for Petroleum Resources, Timipre Sylva, reads: “The drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
“Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of Premium Motor Spirit 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 to reduce the Ex-coastal and Ex-depot prices of PMS to reflect current market realities.”
The statement said that the PPPRA would, “subsequently issue a monthly guide to the NNPC and marketers on the appropriate pricing regime.
The agency is further directed to modulate pricing in accordance with prevailing market dynamics and respond appropriately to any further oil market development.” It added that the reduction in price would provide relief to Nigerians.
A separate statement signed by the Group Managing Director of the NNPC, Mele
Kyari, reads: “In 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.”
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Posted by News Rangers
on Mar 19 2020. Filed under National.
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