The Nigerian National Petroleum Corporation has reduced the pump price of petrol from N145 per litre to N125.

The President, Major General Muhammadu Buhari (retd.), approved the price reduction after the Minister of State for Petroleum Resources, Mr Timipre Sylva, briefed him on the matter.

This is contained in a press release via their Twitter handle.

READ ALSO:

House Of Reps Bans Open Worships, Visitors to NASS Over Coronavirus

The statement reads: In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has 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.

Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.

Mele K. Kyari
Group Managing Director, #NNPC
Abuja – 18th March 2020