NNPC slashes ex-depot price of petrol to N108 per litre
THE Petroleum Products Marketing Company (PPMC),Wednesday, slashed the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, to N108 per litre, a move reflecting the drop in crude oil prices. It is also expected to result in a lower pump price at petrol stations by the end of this week
This was contained in an announcement gave by the company’s representative, Dr Kenny Obateru in Abuja on Wednesday.
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He said the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, uncovered that the new ex-stop cost of PMS mirrors the organization’s market system.
As per him, the system will assist with making more deals while consenting to the Petroleum Products Pricing Regulatory Agency’s (PPPRA) value layout.
Lawan clarified that the new value system would empower PPMC to help its business volumes from the billions of liters of Petrol it had away while giving moderate costs to a huge number of clients.
He said the new cost was shown up after broad audit of market real factors by the PPMC inward value survey unit.
The PPMC boss, however, pointed out that the price of Automotive Gas Oil (AGO), otherwise called diesel, which had already been deregulated was determined by market forces.
On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC retail pump prices.
From March 19, 2020, NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price was reduced from N133.28/litre to N113.28/litre.