In a tatement issued on Wednesday, the Nigerian National Petroleum Corporation (NNPC) revealed its plan for Petrol to sell N117 per litre in Nigeria as the Petroleum Products Marketing Company (PPMC), brought down the ex-depot price of Premium Motor Spirit (PMS), know as petrol.
The reduction in the ex-depot price of petrol from initial N113.28k per litre to N108.00K per litre will take effect across all its products loading facilities as well as in its through-put operations.
The PPMC did not state the Expected Open Market Price of the commodity, which is the pump price at petrol stations, abjgalaxy learnt that for the past years, the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre.
The Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC) said, “The new PPMC ex-depot price is a market strategy to make more sales while complying with Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template. “We reviewed the ex-depot prices to enable us make more sales,” he said.
He stated that the new price by PPMC was arrived at after extensive review of market realities by the PPMC Internal Price Review Unit, and that the PPMC will provide affordable price to millions of customers and will enable PPMC to boost its sales volumes from the billions of litres of Petrol it has in storage.