The Nigerian National Petroleum Corporation (NNPC) has stated that the fuel pump price will read N125/litre from Thursday, March 19th.
NNPC’s GMD, Mele Kyari said the corporation followed a directive by the Minister of State for Petroleum, Timipre Sylva.
“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,” the statement read.
“Effective March 19, 2020, NNPC ex-coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while the ex-depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will, therefore, translate to N125/litre retail pump price.”
Kyari said the immediate adjustment will come at a cost to the corporation, however, “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 price nationwide.”