A reduction in the ex-depot price of petrol from N113.28 per litre to N108 per litre has been announced by the Nigerian National Petroleum Corporation on Wednesday night.
According to The Punch the ex-depot price is the price at which the product is sold to marketers at the depots.
The new development of price reduction took effect across all its products loading facilities as well as in its throughput operations.
The corporation’s Group General Manager, Group Public Affairs Division, Kennie Obateru, quoted the Managing Director of the Petroleum Products Marketing Company, Musa Lawan, as saying that the new ex-depot price of Premium Motor Spirit (petrol) was a reflection of the company’s market strategy.
The idea according to Lawan, it is a strategy to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s price template.
Speaking further, he said the new price regime would enable the PPMC to boost its sales volumes from the billions of litres of petrol it had in storage while providing affordable price to millions of customers.
Lawan also disclosed that the new price was resolved at after extensive review of market realities by the PPMC internal price review unit.