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NNPC Lowers fuel Price to N108 per liter

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The government is still deregulating to lower prices for NNPC.

Nigerian state-owned oil company NNPC reduced fuel prices from N113.28k per liter to N108.00k per liter, which is equivalent to a 4.8% price drop. This is the second time NNPC has lowered fuel prices in about two months. On March 19, 2020, NNPC announced that it would reduce the fuel price from N133.28 / liter to N113.28 / liter.

The current decline was announced on Twitter by the National Petroleum Corporation (NNPC) and was released Wednesday by Dr. Kennie Obateru, Group General Manager of the Group ’s Public Affairs Department, citing the words of Musa Lawan, Managing Director of the Petroleum Product Marketing Company (PPMC).

Dr Obateru said: “The new ex-factory price of Premium Motor Spirit (PMS), also known as gasoline, reflects the company ’s market strategy and has achieved more sales while complying with the Petroleum Product Price Regulatory Authority (PPPRA) price template . ”

Nnpc photo

Photo by Shiraz Chakera

He further explained: “The new pricing system will allow PPMC to increase sales from the billions of liters of gasoline it stores while providing affordable prices to millions of customers.”

With regard to diesel, PPMC’s MD Musa Lawan explained that the price of diesel has not been affected because it has been deregulated and determined by market forces.

Oil prices fell to an all-time low in April, triggering the demand for countries that have relaxed market requirements to automatically lower fuel prices based on market forces.

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Salihu Abdulsalam has been working with writing challenged clients for over four years. He provides ghost writing, coaching and ghost editing services. His educational background in family science and journalism has given him a broad base from which to approach many topics.

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2 Comments

2 Comments

  1. Fabian Okoro

    May 8, 2020 at 9:35 am

    I hope the government intent is to make things better for her citizens, reducing the price of fuel is not the solution to our problems at all ,we are just deceiving ourselves in this country , the only thing I know our Government are good at is corruption

  2. Faith Femi

    May 31, 2020 at 11:10 pm

    I just just trust this people, seeing is believing

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