NNPC: Diesel now selling for as low as N155 through our intervention

The Nigerian National Petroleum Corporation (NNPC)
says automotive gas oil (AGO), also known as diesel,
is being sold for as low as N155/litre in some fuel
stations around the country.

According to the corporation, its “strategic
intervention” ensured the continued decrease in the
price of diesel.

The price of diesel recently crashed by about 42%
nationwide, after having spiked to an all-time high of
N300/litre in the first quarter of 2017.

A statement by Ndu Ughamadu, group general
manager, public affairs division, said, “A national
survey by Oil and Gas Forum, NNPC’s weekly TV
programme, indicated that in the last few weeks, the
price of diesel has fallen steadily from between N175
and N200 per litre as at June 18, 2017, to as low as
between N155 and N160 per litre in some stations
across the country as at last week.

“The study showed that NNPC Mega Stations and its
affiliates across the country sold the product for N160
per litre while many major and independent marketers
in Abuja, Lagos, Kaduna, Onitsha, Enugu, Makurdi and
most major cities were selling between N160 and
N165 per litre. In Port Harcourt the average price is as
low as N150 per litre.

“The manager of a fuel retail station in Abuja, Ibrahim
Isah, said the station had to reduce the selling price to
N165 per litre in line with the prevailing market
situation in order to sustain the turnover of the
business.

“An independent marketer in Makurdi, Innocent Abbah,
said the going ex-depot price of diesel from tarmac or
local private depots is N155 per litre.
“However, the situation is slightly different in Asaba
and Warri in Delta State and Uyo in Akwa Ibom state
where most independent fuel stations as well as major
marketers sold the product for N180 per litre.”

The corporation said its “robust” interface with key
stakeholders in the downstream sector also
contributed the steady decline of diesel price,
especially after “salient issues” were resolved.

“The corporation has also taken huge steps to
resuscitate some of its critical pipelines and depots
such as the Atlas Cove – Mosimi Depot Pipeline, Port-
Harcourt Refinery – Aba Depot Pipeline, Kaduna –
Kano Pipeline and the Kano Depot which have
enhanced efficiency in the distribution of AGO. Efforts
are also ongoing to revamp and re-commission other
critical pipelines and depots across the country,” the
statement read.

The statement further noted that the foreign exchange
intervention scheme of the Central Bank of Nigeria will
now “accommodate” diesel and aviation fuel.

“Furthermore, as a result of consistent positive
engagement with the Central Bank of Nigeria (CBN),
the corporation has equally achieved the expansion of
the Premium Motor Spirit (PMS) Foreign Exchange
Intervention Scheme to accommodate diesel and
aviation fuel,” it added.

TheCable