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.