Economy
NNPC Reduces Petrol Pumping Price to N108 Per Litre
- NNPC Reduces Petrol Pumping Price to N108 Per Litre
The Nigerian National Petroleum Corporation (NNPC) has reduced pumping price of Premium Motor Spirit popularly known as Petrol by 4.8 per cent from N113.28 per litre to N108 per litre.
In March, the corporation announced it was adopting a market price reflective template for petrol in a move to ensure Nigerians pay the right amount for fuel consumption and finally put an end to fuel subsidy.
The Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, made the announcement via the corporation official Twitter handle.
According to Dr Obateru, “the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.”
He added that “the new price regime would enable PPMC to boost its sales volumes from the billions of litres of Petrol it has in storage while providing affordable price to millions of customers.”