29 C
Saturday, January 16, 2021
- Advertisement -

NNPC Cuts Petrol Prices


2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

The Corporation has total investment in the natural resources sector of over $450m, and mobilized over $2bn of funding as a sponsor, adviser or lender for natural resources projects across the continent.The Economic and Financial Crimes Commission (EFCC) is looking into a petition against the former governor of Abia state Theodore Orji, allegedly looted the state’s coffers by withdrawing 500 million naira on a regular basis from the state’s treasury for eight years. Mr Orji, now a senator, has been in the sights of the EFCC for some time.
The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the ex-depot price of petrol from N113.28k per litre to N108.00K per litre at all its lifting facilities and throughput operations across the country.

In a statement distributed to the news media on May 6, 2020, the NNPC’s spokesperson Dr Kennie Obateru, said that the new ex-depot price of Premium Motor Spirit is part of the NNPC’s strategy to increase sales while meeting the the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.

Obateru, who quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, said the NNPC settled on the new ex-depot price after an extensive review of market conditions. Lawan said that the price of Automotive Gas Oil also known diesel is determined by market forces since it has already been deregulated.

The statement reads: “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 -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...