The Nigeria National Petroleum Corporation, NNPC, has directed all its filling stations nationwide to change the retail pump price to N125/litre, in compliance with the directive of the Minister of State for Petroleum Resources on PMS pricing.
The NNPC’s Group Managing Director, Mele K. Kyari, gave the directive in a terse statement made available to newsmen on Wednesday.
The statement read: “In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Nigeria National Petroleum Corporation, NNPC, 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.”