NNPC reduces fuel price by 4%

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

Free 250,000 FG/CAC Business Names Registration for MSMES

Business formalisation Support of the Micro, Small & Medium Enterprises (MSMEs) Survival Fund As part of Federal Government’s post-Covid-19 Pandemic...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...
- Advertisement -

The Nigerian National Petroleum Corporation (NNPC) Wednesday announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre across all its products loading facilities as well as in its through-put operations.

A release today in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan as saying that the new ex-depot price of Premium Motor Spirit (PMS), otherwise called petrol, reflects the company’s market strategy 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 has in storage while providing affordable price to millions of customers.

- Advertisement -

He said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

The PPMC MD, however, pointed out that Automotive Gas Oil (AGO), otherwise called diesel, being already deregulated, its prices are determined by market forces.

Read Also:  The new Mercedes-AMG GT Black Series

On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.

Thus, effective 19 March 2020, 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.

- Advertisement -
NNPC reduces fuel price by 4% - Brand SpurNNPC reduces fuel price by 4% - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  Gross Official Reserves Increased by US1.81bn in February 2018, A Sizeable Buffer By Any Criteria?

This site uses Akismet to reduce spam. Learn how your comment data is processed.

NNPC reduces fuel price by 4% - Brand SpurNNPC reduces fuel price by 4% - Brand Spur

Latest News

Old Wine, New Bottle Theoretical Analysis of Nigeria’s 2021 Federal Budget Proposal

What can be made of a federal budget that hasn’t changed to fit the realities of the nation and...

Top 10 Protein-Rich Foods

Protein is an essential building block of life. It is found in literally every cell of the body. Protein is an important nutrient needed for...

Will the stock market rally be sustained?

Earlier, we hinted that the stock market is clearly the only game in town, thanks to the low yield environment. Thus, we urged reluctant...

Digital Therapeutics and Wellness App Users to Reach 1.4 Billion Globally by 2025, as Pandemic Accelerates Regulatory Acceptance

A new study from Juniper Research has found that the number of people using digital therapeutics and wellness apps will grow from 627 million in 2020...

Hazard, Kepa, Messi Lost €142 Million in Combined Market Value, Three Biggest Drops in 2020

The COVID-19 outbreak has had an enormous impact on the football industry, causing considerable drops in clubs’ revenues and their players’ market value. According to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -NNPC reduces fuel price by 4% - Brand SpurNNPC reduces fuel price by 4% - Brand Spur