The Nigerian National Petroleum Corporation (NNPC) has directed its Retail stations nationwide to change the retail pump price of Premium Motor Spirit (PMS) from N145/litre to N125/litre.
This, it said, is in compliance with the directives of the Minister of State for Petroleum Resources on PMS pricing, noting that the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
The Sight News gathered that 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.
The Group Managing Director, NNPC, Mele Kyari, stated that despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect the 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 emphasized.