NNPC reduces diesel price to N175

By Factnews on 19/06/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 556


The Nigerian National Petroleum Corporation (NNPC) says it has successfully reduced the price of Automotive Gas Oil (AGO), also known as Diesel, by 42% nationwide. 

NNPC made this known in a statement released on Sunday signed by Ndu Ughamadu, group general manager, group public affairs division of the corporation.

NNPC said the reduction prices, which is the aftermath of key strategic interventions, saw prices fall to N175-N200 from N300.

“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.”

Ndu Ughamadu, NNPC spokesperson, said some of the interventions included improving the supply of AGO and remodelling 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.”

According to the statement, the corporation resuscitated pipelines and depots in places such as Atlas Cove-Mosimi, Port-Harcourt refinery and Kaduna refinery.

NNPC also said it is making efforts to revamp and commission other pipelines across the country.

“Another key intervention that has enhanced supply and distribution of diesel 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,” the statement read.

“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.”

NNPC assured citizens that it would ensure steady supply and distribution of petroleum products.

 

 

 

Source TheCable

Posted on June, 19 2017

Share on facebook Yahoo mail icon Gmail icon


You may also like...
Breaking: President Buhari departs Abuja for a medical...

Communique Issued at the End of the Emergency...

Chad military admits to bombing Boko Haram bases...

BREAKING: Military takes control of Zimbabwean capital as...

#Biafra@50: Citizens Reserves the Right to discuss Their...

Buhari's health: Obj,IBB, Abdulsalami meets

Senate, Reps agree on adjusted sequence of elections...

Flood destroy buildings, cars in Owerri

'Expect Anarchy if you attempt to remove Ekweremadu'...

Tiwa Savage and Teebillz Reconcile

Fire engulfs Yaba Tech

For 6th Time, Court Frees Dasuki, Says Detention...
News Abia Election Special (3) Abia Supplementary Polls Update (18) Abia Supplementary Result update (22) Appointments (8) Breaking News (195) Business (40) Campus News (3) Crime (111) Economy (106) Education (116) Entertainment (144) Fashion and Style (3) General (786) Health (107) Inside Africa (40) International News (303) Interviews (28) National (1916) Politics (902) Press Releases (107) Religion (9) Security (125) Sports (431) Technology (23) World News (87)

 

 

Advertisement

 

Latest News Osun Election Re-run: A Compromised INEC is Murdering Nigeria's hard earned democracy FIRS gets N13 billion from defaulting taxpayers Declare Adeleke Osun poll winner, PDP tells INEC Buhari, Aisha arrive New York for UNGA INEC fixes Sept. 27 for Osun Governorship re-run election National Assembly pospones resumption to October 9 CAF Cup: Ikpeazu hails Enyimba for trouncing Rayon Plateau SSG resigns Ikpeazu restates commitment to accountability and transparency in governance Abia returns mission schools to owners

 

Most Read Islamic agenda for Nigeria – Pastor Bosun (22,935 views) The show of shame that sealed Justice Uzokwe’s fate (17,354 views) 47 YEARS AFTER, HIS EXCELLENCY, COMMODORE EBITU UKIWE (Rtd) MAKES THE “OFO NDI IGBO” RECIPIENTS LIST (15,145 views) Breaking News : Dr Okezie Ikpeazu resigns from Abia State Environmental Sanitation Agency (ASEPA). (7,337 views) Lawyers accuse Lagos Police of working for PDP (7,086 views) Radio Biafra delivers AM Transmitter (6,870 views) ‘Why fuel scarcity persists’ (5,721 views) Nurse Justina Obi Ejelonu, one of the nurses that contracted Ebola virus is dead!!! (5,455 views) 2015: Abia’s plethora of governorship aspirants (5,255 views) Breaking News : 2015 - Abaribe withdraws from Abia guber race, backs Ikpeazu (5,242 views)