Nigerians will be buying fuel at cheaper rates again. The Nigerian National Petroleum Corporation or NNPC has announced a 17.94 % reduction in the ‘ex-depot’ price of petrol.
The price was reduced from N113.28k per litre petrol was and sold to marketers in the previous month to about N108.00K per litre.
The new ex-depot price comes almost a week into the new month, following a statement by the Group Managing Director of the NNPC, Mele Kyari, for a new petroleum product pricing template to be released every month.
The Petroleum Products Pricing Regulatory Agency (PPPRA), responsible for price modulation and regulation, is expected to unveil a new fuel pricing template across the country for the month.
The latest review is expected to further bring down the retail pump price at NNPC filling stations in line with the new spirit of competition among marketers under the recent partial deregulation policy announced by the NNPC GMD for the country’s downstream sector.
At the previous ex-depot price of N113.28 per litre, the PPPRA announced the current fuel price band of N125 per litre (Upper limit) and N123.50 per litre (Lower limit) within which the marketers could sell their products.
NNPC spokesperson, Kennie Obateru, quotes the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, as saying the new ex-depot price reflects the company’s market strategy to make more sales.
The pump price is the amount the consumers of petroleum products pay at the fuel stations or retail outlets across the country.