The Nigerian National Petroleum
Corporation (NNPC) has crushed the price of diesel by 42 per cent - This was
disclosed by Mr Ndu Ughamadu, the group general manager, public affairs
division of the NNPC - The news will no doubt bring smile to the faces of Nigerians
Mr Ndu Ughamadu, the group general manager, public affairs division of the NNPC
on Sunday, June 18 said it had crushed the price of diesel by 42 per cent. In a
statement in Abuja, Ughamadu said diesel also known as Automotive Gas Oil
(AGO), had a huge down-slide over the last six months, following key strategic
interventions by NNPC. NAIJ.com checks revealed that with the new move, the
price of AGO per litre will now go for N175. NNPC crashes diesel price
nationwide by 42% – spokesman The Maikanti Baru-led NNPC initiated key
strategic intervention that led to the price crash PAY ATTENTION: Read the news
on Nigeria’s #1 news app ADVERTISING in Read invented by Teads “In the first
quarter of 2017, retail prices of AGO, which is one of the deregulated products,
shot to an all-time high of N300 per 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; and the nation’s
manufacturing sector, which requires it to run its operations. “It also
affected the masses, who need it for household power generation. “However,
following strategic intervention efforts by the NNPC toward sustained
improvement in the supply of diesel, the product’s retail prices as at the end
of May ranged from N175 to N200 across the country (a significant price drop of
about 42%). “Ex-depot prices also dropped to between N135 and N155,” Ughamadu
said. He explained that some of the corporation’s strategic interventions include
improving the supply of AGO and remodeling 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. “The corporation
was able to resuscitate its critical pipelines and depots in places such as
Atlas Cove-Mosimi, Port-Harcourt Refinery-Aba and Kaduna Refinery – Kano.
“Efforts are also ongoing to revamp and commission other critical pipelines
across the country,” he said. The spokesman noted that another key intervention
that 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. “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. “The general public is hereby assured that the corporation
wil continue to ensure seamless supply and distribution of diesel and other
petroleum products across the country,” Ughamadu said. (NAN) READ ALSO: Lagos
state resumes sales of LAKE RICE: Check out prices, sales outlets nearest to
you NNPC crashes diesel price nationwide by 42% – spokesman Like fuel, diesel
scarcity also impacts on the society as it is widely used In a related
development, media reports suggesting that a Senate committee recommended a 5
naira fuel levy on every litre of petroleum or diesel is false. TRENDEET.blogspot.com
gathered that what the Senate committee did was to canvass for the sustainable
maintenance of roads from the pricing template of petroleum products. At the
public hearing on the National Roads Fund Bill, stakeholders were unanimous on
the need to access a percentage of the funds for the sustainable maintenance of
roads from the pricing template of petroleum products.
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