The Nigeria National Petroleum Corporation (NNPC) has announced the reduction of fuel price per litre from N145 to N125.
In a statement today, March 18, the Group Managing Director of Corporation, Mele K. Kyari said: “all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.”
He said that the reduction in price is in compliance with the directives of the Minister of State for Petroleum Resources on PMS pricing.
Mele Kyari explained that following the directive, the Corporation had 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.”