The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele K. Kyari, has released the cost implications of the immediate reduction in the petrol pump price.
The statement personally signed by the Group Managing Director, the corporation said that “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.”
He noted that the reductions will therefore translate to N125/litre retail pump price.
He added that “despite the obvious cost implication of this immediate adjustment”, the Corporation is delighted to “effect this massive reduction of N20/litre for the benefit of all Nigerians.”
Accordingly, all corporation’s retail stations nationwide have been “directed to change the retail pump price to N125/litre”.