With the continues fall in the global oil price, which stand at the moment below 30 dollars per barrel, the Nigerian National Petroleum Corporation (NNPC) has announced an adjustment on the fuel pumps price to N125 per litre beginning from Thursday March 19th, 2020.
This was announced today by the NNPC group managing director, who said the adjustment is in compliance with the directive given by Timipre Sylva, the minister of state for petroleum resources.
“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 pump price to N125/litre.” he said