Tuesday 26th September, 2017
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Strategic intervention crashed diesel price by 42 percent, NNPC claims

Strategic intervention crashed diesel price by 42 percent, NNPC claims

The Nigerian National Petroleum Corporation (NNPC) on Sunday claimed that the price of automotive gas oil (AGO), also known as diesel, has crashed to about 42 percent nationwide, following its interventions.

NNPC in a statement explained that the price of diesel which hit an all-time high of N300 per litre in the first quarter of this year has fallen to a range of N175 to N200 per litre.

The corporation said “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”.

It claimed that 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.

NNPC Spokesman, Mr. Ndu Ughamadu in statement explained that 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”.