The Nigeria National Petroleum Corporation NNPC has confirmed the reduction in petrol pump price to N125 per litre from N145
This is as a result of the crash in crude oil on international market which is a ripple effect of the ravaging Coronavirus pandemic.
Here is a statement from the NNPC
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
18th March 2020