NNPC Reduces Fuel Price to N108 Per Litre

NNPC Reduces Fuel Price to N108 Per Litre: The NNPC, Nigeria state-owned petroleum company has reduced the price of petrol from N113.28k per litre to N108.00k per litre representing a 4.8% drop in prices. This is the second time in about two months that the NNPC has drop the price of petrol. On March 19th, 2020, the NNPC announced a reduction from N133.28/litre to N113.28/litre.

The current drop was announced via the twitter handle of the NNPC on Wednesday and issued by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, who quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan.

SEE ALSO: Opera News Hub Monthly Income Calculation Guide for Creators 2020

NNPC Reduces Fuel Price to N108 Per Litre.

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.”

READ ALSO: Nigerians Still Doubt The Deadly Nature Of COVID-19 – Boss Mustapha

He further explained 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.

On how they arrived at the current price, he explained that the price was arrived at “after an extensive review of market realities by the PPMC internal price review unit.”

Loading...

What this means: The NNPC GMD Mallam Mele Kyari had alluded to the possible removal of fuel subsidy back in April raising optimism that Nigeria was going to ditch a long-standing government policy of spending trillions of naira subsidising petrol. This announcement, however, suggests that the government wants to still manage the price of petrol rather than allow the market to determine the price just as it is for AGO otherwise called diesel.

On diesel, the PPMC MD Musa Lawan explained that diesel price was not touched as it has already being deregulated and determined by market forces.

READ ALSO: How To Withdraw Opera News Hub Earnings to Your Bank Account [Guide]

Oil prices fell to all-time lows in April triggering a request for an automatic reduction in fuel prices in line with market forces as observed in countries with a deregulated market.


Loading...

Join the Conversation

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Get in Touch

502FansLike
174FollowersFollow
426FollowersFollow
178FollowersFollow

Latest Posts

Nigerian Army Shortlist 80RRI 2020 PDF – recruitment.army.mil.ng

Nigerian Army Shortlist 80RRI 2020 PDF - recruitment.army.mil.ng: Nigerian Army 80RRI Shortlisted Candidates PDF Download 2020/2021 | recruitment.army.mil.ng – The Nigerian Army (NA) has...

UNILAG HRDC Admission Form 2020/2021 Academic Session

UNILAG HRDC Admission Form 2020/2021 Academic Session: The University of Lagos (UNILAG) Diploma, Advanced Diploma & Professional Certificate Programmes Admission Form for 2020/2021 Academic...

NNPC/Chevron JV National University Scholarship 2020

NNPC/Chevron JV National University Scholarship 2020: Chevron Nigeria Limited, a Chevron Subsidiary in collaboration with its Joint Venture partner, the Nigerian National Petroleum Corporation...

Agbami Undergraduate Scholarship Campaign 2020

Agbami Undergraduate Scholarship Campaign 2020: Star Deep Water Petroleum Limited ("Star"), a Chevron company and operator of the Agbami Field invites applications from suitably...

World Bank #Blog4Dev Competition 2021 for Africans

World Bank Blog4Dev Competition 2021 for Africans: World Bank Africa Region is now accepting entries from citizens of Sub-Saharan Africa countries for its 2021...

What's Trending

NDA Application Form 2020/2021 – 72nd Regular Course Admission

NDA Application Form 2020/2021 - 72nd Regular Course Admission : Applications are invited from suitably qualified candidates for admission into the Nigerian Defence Academy...

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup: The 2020 N-Power application portal (https://npower.fmhds.gov.ng/signup) opened for registration at 11.45 pm on June 26th, 2020, to all...

Civil Defence Shortlisted Candidates 2019/2020 Download PDF

Civil Defence Shortlisted Candidates 2019/2020 Download PDF : NSCDC Shortlisted Candidates 2019: Nigeria Security and Civil Defence Corps Recruitment shortlisted candidates is Out you...

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal [LOGIN]

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal : NPower Recruitment 2020 has began. See requirements, academic qualifications, Npower recruitment application registration form procedures via...

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng : JAMB Results 2020 Online Checking Steps | www.jamb.org.ng – First of all,...

Download Nigeria Civil Defence List of Shortlisted Candidates 2019

Download Nigeria Civil Defence List of Shortlisted Candidates 2019 : NSCDC Shortlisted Candidates 2019. Download the Nigeria Civil Defence (NSCDC) Recruitment List of Shortlisted...

Npower Batch C Login Portal – www.npower.gov.ng | NPVN Dashboard

Npower Batch C Login Portal - www.npower.gov.ng | NPVN Dashboard: Here is N-power Portal Login npvn.npower.gov.ng/login 2020/2021 for Batch C Recruitment exercise. Login to...

Subscribe For Latest Updates

Signup for our newsletter and get notified when we publish new articles for free!




Enable Notifications    OK No thanks