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NNPC reduces depot price of petrol to N108 per litre

The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS) from N113.28k per litre to N108.00K per litre across all its products loading facilities.

This was contained in a statement issued by the corporation’s spokesman, Dr Kenny Obateru in Abuja on Wednesday, May 6.

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 price 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.

Meanwhile, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has drawn up guidelines; for the management of relief funds by the Presidential Task Force (PTF) on COVID-19 to prevent corruption.

Spokesperson of the commission, Mrs Rasheedat Okoduwa, further disclosed this in a statement on Wednesday, May 6, in Abuja.

Okoduwa said the move was in pursuant of the corruption prevention mandate of the ICPC; as enshrined in Section 6 (b)-(d) of the Corrupt Practices and Other Related Offences Act, 2000.

She also explained that the guidelines were also in furtherance of an independent COVID-19 Funds Monitoring Team; recently set up by the ICPC.

The committee is charged with the monitoring of the “disbursement and utilisation of the funds; donations; as well as other receipts mobilised toward combating the outbreak of the Coronavirus in the country”.

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