NNPC Crashes Price of Diesel across Nigeria by 42%

Chineme Okafor in Abuja

The Nigerian National Petroleum Corporation (NNPC) Sunday said some of its key strategic interventions have resulted into a significant drop in the price of diesel by about 42 per cent across the nation.

It explained in a statement from its Group General Manager, Public Affairs, Mr. Ndu Ughamadu, in Abuja, that this downward price trend has been observed by it over the last six months.

NNPC stated that in the first quarter (Q1) of 2017, the retail prices of diesel, which is one of the deregulated petroleum products in the country, was N300 per litre in major demand centres, but that prices were now within a bandwidth of N175 and N200 per litre.

“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 per cent), while ex-depot prices also dropped to between N135 and N155,” said NNPC in the statement.

Details later…