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NNPC reduces diesel price to N175

NNPC reduces diesel price to N175
June 18
23:55 2017
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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.

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Exchange Rates

Oct 17,2017USDGBPEUR
INTERBANK360.45487.18428.32
LAGOS362475427
KANO363477428
PH364476427
ABUJA362480426
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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