NNPC Crashes Diesel Price By 42% Nationwide

NNPC Crashes Diesel Price By 42% Nationwide

The Nigerian National Petroleum Corporation (NNPC), on Sunday said it has in recent months successfully crashed the ex-depot and pump prices of Automotive Gas Oil (AGO), also known as Diesel, to between N175 and N200 per litre at the end of May, representing about 42% drop nationwide over the last six months.

A statement by Ndu Ughamadu, the corporation’s spokesman while shedding light on the feat, noted some strategic interventions, including improvements in the supply of AGO and remodeling of the product distribution to address sufficiency issues across the country.

Following the strategic intervention efforts resulting in the sustained improvement in the supply of the diesel also, the product’s ex-depot prices also dropped to between N135 and N155.

He recalled that in the first quarter 2017, retail prices of AGO, which is one of the deregulated products, soared to an all-time high of N300/litre in major demand centres across the country.

This expectedly 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.

“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.

Poised to enhance efficient distribution of AGO, the corporation, he continued, 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 statement therefore assured the general public that the NNPC would ensure seamless supply and distribution of diesel and other petroleum products across the country to make the lives of Nigerians better.