There are indications that as the lockdown on major towns and cities in Abuja and Lagos State begins to have its effect on vehicular movement, the Nigerian National Petrolrum Corporation (NNPC) may announce another marginal slash on the litre price of Premium Motor Spirit.
Sources say an announcement to peg the price by N2.50K is on the way. It may come before the weekend.
Recall that nearly two weeks ago, the state oil company slashed the price by N20 from N145 per litre.
The NNPC statement then read: “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.”