Nigeria slashes petrol price to N125
The Nigerian Government has announced the reduction of the pump price of petrol to N125, which is to take effect from March 19, and equally directed all Nigeria National Petroleum Corporation(NNPC) retail stations nationwide to change the retail pump price to N125/litre.” .
Penpushing reports that, the Corporation Managing Director, Mele Kyari, in a statement on Wednesday said the move was in compliance with the directives of the Minister of State for Petroleum Resources on petrol pricing.
The statement explained that the corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly, adding,“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”, Kyari said
Penpushing further reports that, President Muhammadu Buhari had earlier ordered a reduction in the pump price of petrol from its current official price of N145 per litre, as made known by Minister of State for Petroleum, Timipre Sylva
The Minister had announced said the President’s directive is because of the drop in the international oil price, while as at Wednesday, the price slumped further to $28 per barrel, raising fears of global economic crisis as nations roll out measures to contain the spread of coronavirus.
