Home > Breaking news > FG Reduces Fuel Price To N125 From N145 Per Litre

FG Reduces Fuel Price To N125 From N145 Per Litre

The Nigerian National Petroleum Corporation (NNPC) says the fuel pumps at its retail stations will be adjusted to N125 for each litre of petrol on Thursday.

Mele Kyari, NNPC group managing director, said the adjustment is in compliance with the directive given by Timipre Sylva, the minister of state for petroleum resources.

“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,” the statement read.

“Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.

“These reductions will, therefore, translate to N125/litre retail pump price.”

Kyari said the immediate adjustment will come at a cost to the corporation, however, “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.”

Addressing journalists at the end of the federal executive council meeting on Thursday, Sylva had said President Muhammadu Buhari approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.

The move is also a step in the direction of deregulating the downstream sector as petrol retail price will be adjusted any development in the global oil market.

Crude oil price dropped as a result of reduced oil demand as economies shut down to curb the spread of coronavirus.

About Editor

Otunba Sayo Akintola is a 1992 graduate of Linguistics from the University of Ibadan, Oyo State. He holds a post-graduate diploma in Financial Management and MBA from Abubakar Tafawa Balewa University, Bauchi. He started his 12-year sojourn in journalism at the Nigerian Tribune in 1993 as Business and Economy reporter. He rose through the ranks to become the Group Business Editor of the nation’s oldest surviving private national newspaper, the Nigerian Tribune. He set up World Street Journal magazine in 2018.

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