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.

TheCable