Nigerian National Petroleum Corporation (NNPC), declared yesterday a decrease in the ex-warehouse cost of petroleum from N113.28k per litre to N180 per litre over the entirety of its items stacking offices just as in its throughput activities.
Reports Nigeria will now buy the product at a reduced price of N180 per litre.
The company made the announcement yesterday at Abuja by its Group General Manager, and Group Public Affairs Division, Dr. Kennie Obateru, cited the managing director of the petroleum products marketing company (PPMC),
Mr. Lawal says that the new ex-warehouse cost of petroleum mirrors the organization’s market procedure to make more deals while consenting to the petrol products pricing regulatory Agency’s (PPPRA) value format.
He further clarified that the new value system would empower PPMC to help its business volumes from the billion of a litre of petrol it has away while giving reasonable cost to a huge number of clients.
Automotive Gas Oil (AGO) is now deregulated, and 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 charge for petroleum was assessed downwards from N117.6/liter to N99.44/liter, while ex-warehouse value was diminished from N133.28/liter to N113.28/liter