NNPC CRASHES DIESEL PRICE BY 42% ACROSS NIGERIA

Nigerian National Petroleum Corporation, NNPC,  has effected a 42% crash in the price of Automotive Gas Oil (AGO), otherwise known as Diesel through its key strategic interventions.


The 42% drop in the price of Diesel nationwide, is viewed in many sectors, as a huge downslide over the last six months.

This much was revealed by Ndu Ughamadu, spokesman of the oil corporation in a statement Sunday in Abuja.

Ughamadu, in the statement, recalled that 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/litre in major demand centres across the country, causing untold difficulties on the nation’s manufacturing sector, which requires it to run its operations as well as the masses, who need it for household power generation.

The price hike, according to Ndu Ughamadu, had resulted in such unpleasant situations as it began to place a huge burden on truck drivers who need the product for their vehicles.

However,  with the strategic intervention efforts, by the NNPC towards sustained improvement in the supply of the diesel, the product’s retail prices which, 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, in explaining the reasons for this remarkable achievement, said some of the Corporation’s strategic interventions in this regard 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", he said.


"In its quest to enhance efficient distribution of AGO, 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", Ughamadu stated.

The NNPC Spokesman confirmed that efforts are also ongoing to revamp and commission other critical pipelines across the country while also, noting that, "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, according to Ughamadu 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.

Expatiating more on the achievements, Ughamdu disclosed that, 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.

Ndu Ughamadu assured the general public that the Corporation would continue to ensure seamless supply and distribution of diesel and other petroleum products across the country to make the lives of Nigerians better.