The Nigerian National Petroleum Corporation, NNPC, said it has successfully reduced the pump price of diesel by about 42 per cent accross the counrty.
The reduction, which took place over six months was linked to series of interventions in the downstream oil sector.
Ndu Ughamadu, group general manager, Public Affairs Division, NNPC, said the retail price of AGO, which is one of the deregulated products, stood at N300 per litre across the country during the first quarter of this year. “Such unpleasant situation placed a huge burden on truck drivers, who need the product to remain in business; the nation’s manufacturing sector, which requires it to run its operations; and the masses, who need it for household power generation,” he said.
He explained that following the various interventions by NNPC, which sustained improvement in the supply of diesel, the product’s retail price dropped to between N175 per litre and N200 per litre by the end of May, a decrease of about 42 per cent. The ex-depot price also dropped to between N135 per litre and N155 per litre.