According to a statement made available by the group managing director of the corporation, Mele Kyari, this is in compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing.
The Corporation therefore reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices.
The statement says the reduction will take effect from the 19th of March 2020 and directs all NNPC retail stations nationwide to effect the change immediately.
The statement reads;
“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.
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.
Despite the obvious cost implication of this immediate adjustment to the Corporation, 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.”
