The Nigerian National Petroleum Corporation (NNPC) has reportedly crashed the price of Automotive Gasd Oil (AGO) popularly known as Diesel by a whopping 42%. The NNPC made this known on Sunday in a statement issued by Ndu Ughamadu, the Group General Manager, Group Public Affairs Division.
He stated that the crash which came as a result of strategic interventions by the Corporation forced the price of Diesel from N300 to N200 before arriving at the current N175 per litre.
According to him “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."
He added 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."
He also assured that the Corporation will sustain its efforts with relevant stakeholders to improve distribution of all petroleum products from refineries and depots by implementing a robust loading programme.
He noted that a key component of the strategic intervention aimed at enhancing supply and distribution of diesel was part of the corporation’s robust engagement with all stakeholders where all the issues were tabled and addressed.
