The Nigeria National Petroleum Corporation (NNPC) has announced that it had reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices.
Mele Kyari, Group Managing Director, NNPC confirmed this in a statement personally signed Wednesday evening.
The release noted that the development was compliance with the directives of the Minister of State for Petroleum Resources, Timipre Sylva on PMS pricing.
Kyari noted that effective 19th March 2020, NNPC, Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre.
Similarly, Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
He said these reductions will therefore translate to N125/litre retail pump price.
Kyari added that 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.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre”, the statement concluded