The Nigerian National Petroleum Corporation (NNPC) Wednesday disclosed that it had officially reviewed the pump price of fuel to N125 per litre in all its retail stations.
The corporation said the move was in compliance with the new directive from the federal government, stating that the new price will take effect from today.
A statement signed by Mele Kyari, the Group Managing Director of NNPC, noted that despite the immediate cost implications to the corporation, the N20 reduction will be of immense benefit to Nigerians.
He said: “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”.
Meanwhile , the NNPC has urged professionals to come up with solutions to tackle current challenges facing the industry.
Kyari gave the charge while playing host to the executive members of the Society of Petroleum Engineers (SPE), Nigerian Council, in Abuja.
He listed over-supply and the outbreak of the COVID-19 – which has led to a considerable fall in the price of crude oil – as the two major challenges facing the oil and gas industry today.
“The combination of these two events means that there would be a lull in activities in the oil industry, and if forecasts are right, we may witness very low oil prices throughout the year and that will have a collateral effect on the economy”, the GMD observed.
He, therefore, urged professionals to come up with a blueprint on how to get things done economically in order to minimise the negative impact of the current situation on the industry.
The GMD said NNPC had repositioned its Research and Development business into an innovation centre that can provide the needed solution and services for the technological development in the petroleum industry.
On his part, President of the SPE, Joe Uwakwe, said the business of his society was to seek technical solutions to industry problems, adding that the present challenges require the development of technology to produce crude oil in a cost-efficient manner.
He assured that professionals in the industry would do what is necessary to overcome the present challenges.