Ever since the sudden crash of the international crude oil benchmark price last week, prices of petroleum products have dropped massively all over the world. This among some other factors have prompted President Muhammadu Buhari’s recent approval of a cut in petrol fuel pump price to ₦125 from ₦145.
Nigerian Federal Government cuts petrol fuel price to ₦125 from ₦145 with immediate effect
Reports from the Federal government claim that the recent crash of crude oil price has made the open market price expected for imported petrol to crash below the initial ₦145 per litre. Therefore, President Buhari had to approve that citizens should also benefit from this new global PMS price reduction.
This decision by the federal government is based on the existing 2015 price modulation template which directs the NNPC (Nigerian Petroleum Corporation) to immediately reduce Ex-Depot and Ex-Coastal prices of PMS across the country to reflect the current global market prices.
A recent post from the NNPC official twitter page announcing this new development reads;
PMS PRICE ADJUSTMENT
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.
Mele K. Kyari
Group Managing Director, #NNPC
Abuja – 18th March 2020
>>> See a related story of the price crash here: Coronavirus: Open market price of petrol drops to ₦114.53 per liter
This video seems to think fuel prices will still fall:
Petrol prices could continue to get cheaper | Nine News Australia
We have also featured below the twitter post on the official NNPC page:
@NNPCgroup's OFFICIAL STATEMENT ON PMS PRICE ADJUSTMENT 👇👇👇 pic.twitter.com/u3nzo2XMpe
— NNPC Group (@NNPCgroup) March 18, 2020
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