Pump price of PMS drops from 145 to 125 Naira
Nigerian Government Reviews Prices of PMS, Others
The federal government in Nigeria has directed its National Petroleum Corporation (NNPC) to review of price for Petroleum Motor Spirit also know has petrol.
The decision according to the government is to reflect global market realities.
The minister of state for Petroleum resources, Timipre Sylva announced the decision at the end of the Federal Executive Council meeting on Wednesday.
Below is a document showing the decision of the federal government:
Complying with the directive by the federal government, the NNPC has reviewed its Ex-coastal, Ex-depot and retail pump prices.
A statement by the corporation signed by its Group Managing Director, Mr Mele Kyari said effective from 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.
It also said the retail pump price for petrol would now be N125/litre.
Below is the statement by NNPC
Petroleum Products Pricing Regulatory Agency Effects New Price
Similarly, the Petroleum Products Pricing Regulatory Agency(PPPRA) said it has effected the new price for petrol and other petroleum products.
A statement by the agency’s Executive Secretary, Abdulkadir Saidu said “The recent plunge in the price of crude oil and petroleum products occasioned by the outbreak of Coronavirus pandemic and slowing global oil demand, has led to a drop in the PMS Expected Open Market Price (EOMP) below the approved pump price cap of N145.00 per litre, indicating over 30% drop below the official pump price. However, the average EOMP for the months of January and February 2020 were N175.52 per litre and N156.02 per litre respectively.”
The decision by the Nigerian government to review prices of petroleum products may not go down well with marketers because according to PPPRA the current stock of product was imported during the months of January and February.
APC Hails New Petrol Price
Meanwhile, the country’s political party in power, the All Progressives Congress, APC has lauded the decision by the federal government, describing it as another proof of President Muhammadu Buhari’s care for the citizens.
It said the new pump price of petrol announced by the Nigeria National Petroleum Corporation (NNPC) on Wednesday, is a heartwarming news for the party.
A statement signed by the APC’s National Publicity Secretary, Mallam Lanre Issa-Onilu said, “While this reduction would, unarguably, reduce government’s projected revenue, the APC is delighted that the Federal Government places the interests of the people above any other consideration.”