Petrol Price Falling Due To Our Strategic Intervention, Says NNPC

The Nigerian National Petroleum Corporation (NNPC) has bragged that its sustained strategic intervention in the efficient supply and distribution of petroleum products had led to significant fall in the price of petrol in Nigeria.

The corporation in a statement issued by its spokesman, Ndu Ughamadu, on Sunday, declared that the intervention had also warranted a significant drop in the price Liquefied Petroleum Gas, also known as cooking gas, nationwide.

NNPC concluded that based on a national survey by its oil and Gas forum which indicated that in the last few weeks, the price of petrol had fallen steadily from N145 per litre to between N142 and N143 per litre in some stations across the country.

“NNPC has sustained its interventions through sustained improvement in the supply of the products and remodeling of distribution channels to address sufficiency issues across the country,” the corporation said in the statement.

“The study showed that NNPC mega and affiliate stations across the country are selling the product for N143 per litre, while the pump price range from between N142 and N145 per litre in some major and independent marketers in Lagos, Abuja, Sokoto, Enugu, Delta and other major cities.”

The survey also showed a similar trend of drop in price for cooking gas with the average price for refilling 5kg cylinder at N2,215.96, in contrast to the from the former price of N2,500.

It stated that at the NNPC mega and retail stations nationwide, a 12.5kg of cooking gas that was sold for N4,500 a few months ago was now sold for N3,800, while other retail outlets sell the same quantity for N4,000.

It added that it had also stepped up the resuscitation of some of its critical pipelines and depots such as the Atlas Cove-Mosimi Depot Pipeline, Port Harcourt Refinery-Aba Depot Pipeline, Kaduna-Kano Pipeline and the Kano depot.

“Efforts are also ongoing by the NNPC to revamp and re-commission other critical pipelines and depots across the country to further push down the prices of petroleum products for the benefit of consumers,” the oil firm said.