NNPC Crashes Diesel Price Nationwide by 42%

NNPC has announced a 42% in the reduction of
price for diesel nationwide. This is contained in a
press statement released by the corporation this
evening. Read it below Price of Automotive Gas Oil (AGO), also
known as Diesel, has crashed to about 42%
nationwide, a huge downslide over the last
six months, following key strategic
interventions by the Nigerian National
Petroleum Corporation (NNPC). It would be recalled that in the first quarter 2017,
retail prices of AGO, which is one of the
deregulated products, shot to an all-time high of
N300/litre in major demand centres across the
country. Such unpleasant situation placed a huge burden
on truck drivers, who need the product for
transporting their vehicles; the nation’s
manufacturing sector, which requires it to run its
operations as well as on the masses, who need it
for household power generation. However, following strategic intervention efforts
by the NNPC towards sustained improvement in
the supply of the diesel, the product’s retail prices
as at the end of May 2017 ranged from N175 to
N200 across the country (a significant price drop
of about 42%), while ex-depot prices also dropped to between N135 and N155. Shedding more light on this remarkable
achievement, NNPC Spokesperson, Mr. Ndu
Ughamadu, said some of the Corporation’s
strategic interventions in this regard include
improving the supply of AGO and remodeling of
the product distribution to address sufficiency issues across the country. “Since January this year, we have worked very
hard with relevant stakeholders to improve
distribution from refinery depots, by implementing
a robust loading programme,” Ughamadu
affirmed. Also, in its quest to enhance efficient distribution
of AGO, the Corporation was able to resuscitate its
critical pipelines and depots in places such as Atlas
Cove-Mosimi, Port-Harcourt Refinery-Aba and
Kaduna Refinery-Kano. Efforts are also ongoing to
revamp and commission other critical pipelines across the country. Another key intervention that has enhanced
supply and distribution of diesel, the NNPC
Spokesperson noted, was the Corporation’s
robust engagement with critical downstream
stakeholders where salient issues were raised and
duly addressed. These stakeholders include: Major Oil Marketers Association of Nigeria (MOMAN),
Nigerian Association of Road Transport Owners
(NARTO), Petroleum Tanker Drivers (PTD) as well
as Independent Petroleum Marketers. Furthermore, as a result of consistent positive
engagement with the Central Bank of Nigeria
(CBN), NNPC equally extended the expansion of
Premium Motor Spirit (PMS) Foreign Exchange
Intervention Scheme to accommodate Diesel and
Aviation Fuel. The general public is hereby assured that the
Corporation would continue to ensure seamless
supply and distribution of diesel and other
petroleum products across the country to make
the lives of Nigerians better.