NNPC: Reduction In PMS Price With N20 Per/Ltr Decrease

This seem to be a step in the right direction to cushion the economic impact of the pandemic health crisis in the global community while it also reflects the global price reduction of PMS – Engr. Adeorike Ajibola.

That being the response of a Nigerian user of the PMS product having heard that, the pump price has been slashed down.

The Nigerian National Petroleum Corporation (NNPC) made this known in a letter attested by the Group Managing Director of NNPC, Mele K. Kyari in a communique released on the 18th of March 2020.

See below:

 

Same communique was also transmitted on the NNPC Twitter account @NNPCgroup where the implications of this price drop was explained;

https://t.co/fTKqSz9tin

The material implication of the price drop are as follows:

  • Ex-costal price of PMS is now reviewed downward from N117.6 per/ltr to N99.44 while Ex-deport is now N113.28 from N133.28 per/ltr.
  • The reduction implies that retail pump price shall be N125 per/ltr henceforth.
  • NNPC shall implement the adjust immediately.
  • NNPC retail stores nationwide has been directed to comply with this directive immediately.

This decision is a direct effect of the global down turn in the price of petroleum products across the globe.

However, citizens and commentators still opine that the decrease in price is not in tandem to reduction of PMS price globally which is accounts to about 50% decrease.

Another concern raised is the fact that the communique did not address the retail price to expect at from other private outlets distinct from NNPC especially those who are well stocked before the price slash.

Either ways, we believe this reduction will go a long way to ameliorate the economic hardship Nigerians are going through while we look forward to further reduction in price as soon as reasonably possible.

TellAfrica shall keep you posted…..

 

 

 

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