The price has now been reduced from N113.28k per litre to N108.00 per litre across all its products loading facilities.
The announcement was made in a statement issued by the corporation’s spokesman, Dr. Kenny Obateru in Abuja on Wednesday.
He said the Managing Director of the Petroleum Products Marketing
Company (PPMC), Musa Lawan, disclosed that the new ex-depot price of PMS
reflects the company’s market strategy.
According to him, the strategy will help to make more sales while
complying with the Petroleum Products Pricing Regulatory Agency’s
(PPPRA) price template.
Lawan explained that the new price regime would enable PPMC to
boost its sales volumes from the billions of litres of Petrol it had in
storage while providing affordable prices to millions of customers.
He said the new price was arrived at after extensive review of market realities by the PPMC internal price review 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.
Thus, effective March 19 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.
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