The Nigerian National Petroleum Corporation (NNPC) yesterday declared a decrease in the ex-warehouse cost of petroleum from N113.28k per liter to N108 per liter over the entirety of its items stacking offices just as in its throughput activities.
According to the announcement, Nigerians will now buy the product at a reduced price of one hundred Naira (N108.00) per litre.
The company in the announcement made yesterday in Abuja by its Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, cited the Managing Director of the Petroleum Products Marketing Company (PPMC), Mr. Musa Lawan, as saying that the new ex-warehouse cost of petroleum mirrors the organization’s market procedure to make more deals while consenting to the Petroleum Products Pricing Regulatory Agency’s (PPPRA) value format.
Lawan clarified that the new value system would empower PPMC to help its business volumes from the billions of liters of petroleum it has away while giving reasonable cost to a huge number of clients.
He said the new cost was shown up at after broad survey of market real factors by the PPMC inward value audit unit.
The PPMC boss revealed that Automotive Gas Oil (AGO), is being now deregulated, its costs are dictated by market forces.
NNPC had on March 19, 2020 declared an audit of its petroleum ex-beach front, ex-station and NNPC Retail siphon costs, accordingly compelling March 19, 2020, the partnership’s ex-waterfront cost for petroleum was assessed downwards from N117.6/liter to N99.44/liter, while ex-warehouse cost was diminished from N133.28/liter to N113.28/liter.