Monday, 3 July 2017

Prices of diesel to crash nationwide as NNPC issues new directive

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- The Nigerian National Petroleum Corporation (NNPC) on Monday, July 3, said the price of diesel will fall nationwide 

- The cooperation said diesel price will fall by 42% 

- The NNPC said the reduction in price is taken effect from strategic intervention by the cooperation 

The Nigerian National Petroleum Corporation (NNPC) has said that the price of diesel will crash across Nigeria by 42%. 

The corporation said the fall in diesel price can only be attributed to a recent strategic intervention by the NNPC. 

In a statement signed by Ndu Ughamadu, the group general manager, NNPC public affairs division, the corporation said Automotive Gas Oil (AGO) popularly known as diesel has maintained a downward price in Nigeria.

Ughamadu said a survey by the NNPC showed that Mega stations across the country sold diesel for as low as N155 and N160 per litre. 

He also said the major independent marketers in Port Harcourt sells as low as N150 per litre. 

"The Manager of a fuel retail station in Abuja, Ibrahim Isah, said the station had to reduce the selling price to N165 per litre in line with the prevailing market situation in order to sustain the turnover of the business. 

"An independent marketer in Makurdi, Innocent Abbah, said the going ex-depot price of diesel from tarmac or local private depots is N155 per litre," Ughamadu said. 

However, the situation is slightly different in Asaba and Warri in Delta State and Uyo in Akwa Ibom state where most independent fuel stations as well as major marketers sold the product for N180 per litre," he said. 

we had reported that the NNPC was on May 25 scrapped by the Nigerian Senate. The Senate's scrapping of the NNPC followed the passage of the Petroleum Industry Governance Bill. 

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