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NNPC Cuts Petrol Prices

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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.”

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