The Nigerian National Petroleum Corporation (NNPC) announced a reduction in the price of petrol from N113.28k per litre to N108.00K per litre across all its loading facilities as well as in its throughput operations.
Mr Kennie Obateru, the group general manager of the NNPC public affairs division, said the review is in line with the new pricing template that allows for an adjustment of petrol to reflect the situation in the global crude oil market.
The corporation, however, did not state the retail price of petrol.
Mr Kennie Obateru, quoted Mr Musa Lawan, the managing director of the Petroleum Products Marketing Company (PPMC), as saying the new price regime would enable PPMC to boost its sales volumes from the billions of litres of petrol it has in storage while providing affordable price to millions of customers.
Group Managing Director of the NNPC, Mallam Mele Kyari, had few days ago, hinted of a possible deregulation of the Nigerian downstream petroleum sector, stating that the Federal Government had eliminated subsidy and under recovery in the industry.
Mallam Mele Kyari had said, “There is no subsidy and it is zero forever. Going forward, there would be no resort to either subsidy or under recovery of any nature. NNPC will play in the marketplace; it will just be another marketer in the space. But we will be there for the country to sustain security of supply at market price.”
