News
Federal Government reduces Fuel Price from ₦145 to ₦125
Nigerians can now heave a sigh of relief as regards the purchase of fuel, which has been a major subject of online conversation.
On Tuesday, the Presidency announced that the price of petrol has been reduced from ₦145 to ₦125.
The approval followed a presentation by the Minister of State on Petroleum Resources, Timipre Sylva, at the Federal Executive Council (FEC) meeting at the Villa.
ANNOUNCEMENT: The official Price of Petrol in Nigeria is now N125 per Litre. A Price Modulation Mechanism is being introduced, to be managed by the Petroleum Products Pricing Regulatory Agency (PPPRA), to henceforth adjust the price in line with the market price of crude oil.
— Government of Nigeria (@NigeriaGov) March 18, 2020
The Minister of Petroleum Resources @HETimipreSylva made the announcement today at the Federal Executive Council (FEC) Meeting Press Briefing.
More details to come from the Petroleum Products Pricing Regulatory Agency (PPPRA).
— Government of Nigeria (@NigeriaGov) March 18, 2020
The Nigerian National Petroleum Corporation (NNPC) has swung into action at the new price development and have reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
JUST IN:
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.
Thread… pic.twitter.com/fTKqSz9tin
— NNPC Group (@NNPCgroup) March 18, 2020
2. 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.
— NNPC Group (@NNPCgroup) March 18, 2020
3. These reductions will therefore translate to N125/litre retail pump price.
— NNPC Group (@NNPCgroup) March 18, 2020
4. 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.
— NNPC Group (@NNPCgroup) March 18, 2020
5. 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— NNPC Group (@NNPCgroup) March 18, 2020
