Diesel prices crash further as NNPC claims credit

NNPC TOWERS
NNPC TOWERS

Diesel retail prices nationwide are falling and the Nigerian National Petroleum Corporation (NNPC) has attributed the continuous slide to its sustained strategic intervention.

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 price of AGO had crashed by about 42 per cent nationwide over the last six months, following key strategic interventions by the NNPC.

In the first quarter 2017, retail prices of AGO, which is one of the deregulated products, shot up to an all-time high of N300/litre in major demand centres across the country.

The unpleasant situation placed a huge burden on truck drivers who use the product as fuel for their vehicles and 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.

NNPC’s interventions included sustained improvement in the supply of the product and remodelling of the product distribution channels to address sufficiency issues across the country.

Another area of intervention that has enhanced supply and distribution of diesel is the corporation’s robust engagement with critical downstream stakeholders such as Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers, leading to the resolution of salient issues.

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.

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.


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  • Abdulmojeed Nojeemdeen

    The wailers will be very sad reading this. Rome was not built in a day. They want Buhari to fix Nigerian problem overnight. They will be too blind to this development.

    • Netanyahu

      What was the price of AGO before your god came to power? You hypocrites have found your voice again. A madman set his house on fire because he needed more light into his house?

      • Abdulmojeed Nojeemdeen

        One of them just spotted. You hacked brain will not make you see the true change. The old low price under your disgraced Lord of otuoke, was fraudulently subsidized, but this is what is called transparent market dictated price. All the bottle necks your sisi runaway evil faced woman,diezani introduced has been removed. Now,no more shady nnpc where money that is supposed to be accrued to the government is being siphoned to no where. So hide,and leak your wounds.

  • Mufu Ola

    It’s a gradual process. The economy is definitely on d upward swing although some people will permanently be in their recession.