FG Reduces PMS Price To ₦125 Per Liter
The Federal Government of Nigeria just reduced Premium Motor Spirit (PMS) price from ₦145 to ₦125.
According to FG, the drop in crude oil prices has lowered the expected open market price of imported petrol below the official pump price of N145 per litre.
Therefore, Mr. President has approved that Nigerians should benefit from the reduction in the price of PMS which is a direct effect of the crash in global crude oil prices.
In view of this situation, based on the price modulation template approved in 2015, the Federal Government directed the Nigerian National Petroleum Corporation (NNPC) to reduce the Ex-Coastal and Ex-Depot prices of PMS to reflect current market realities.
In a series of tweets by NNPC, it reveals the price slash down to ₦145. This is in compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing.
See the tweet from official NNPC Twitter handle;
PMS PRICE ADJUSTMENT
In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
These reductions will therefore translate to N125/litre retail pump price.
Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre.
Mele K. Kyari
Group Managing Director, #NNPC
Abuja – 18th March 2020