The Nigerian National Petroleum Corporation (NNPC) has revealed when the new fuel pump price would be implemented.
Through its Managing Director, Mele Kyari, the NNPC group noted that the fuel pumps at its retail stations will be adjusted to N125 for each litre of petrol today (Thursday).
According to Kyari, the adjustment was 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,” he said in a statement.
“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.”
He noted that the immediate adjustment may come at a cost to the corporation but that
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.”
The price of Crude oil dropped following the reduction of oil demand as economies shut down to curb the spread of coronavirus.