The Nigeria National Petroleum Corporation (NNPC) has adjusted the price of fuel to consider global market realities.
The order to adjust the fuel price was given by the Federal Government which took effect immediately.
This was made known to the public through a press release in the NNPC group twitter handle.
The tweets reads:
PMS PRICE ADJUSTMENT
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.
Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
These reductions will therefore translate to N125/litre retail pump price.
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.
Mele K. Kyari
Group Managing Director, #NNPC
Abuja – 18th March 2020
The Minister of State for Petroleum Resources, Mr Timipre Sylva, stated that the price slash will affect all product. Prices will also be set by the PPPRA and NNPC, he added.