JUST IN: NNPC Reduces Fuel Pump Price

Following outcry from Nigerians over the hike in fuel pump price, the Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price earlier announced on Friday.

With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country.

The state oil company announced the reduction in a statement on Friday night.

“NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17,” the statement said.

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The statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, advised marketers to make their purchases through the online “Customer Express” platform.

The News Agency of Nigeria ( NAN) reports that the PPMC did not make public the October ex- depot price but in September, it announced ex-depot price of N151.56k.

The November price of N153.17 has an increament of N1.61 from the September price.

NAN