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Mixed-reactions As Petrol Price Drop to N117 Per Litre

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Mixed-reactions As Petrol Price Drop to N117 Per Litre

Petrol Mixed-reactions As Petrol Price Drop to N117 Per Litre - ZomboDroid 07052020065105 300x120 - Mixed-reactions As Petrol Price Drop to N117 Per Litre

Jubilations and mixed-reactions greet the streets as NNPC announces new pump prices for petrol products across the country.

In a press statement released on Wednesday by the Nigerian National Petroleum Corporation (NNPC) Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, while quoting the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan.

He said there will be a reduction in the ex-depot price of premium motor spirit (PMS) from N113.28k per liter to N108.00K per liter across all its products loading facilities as well as in its through-put operations.

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Also, the ex-depot price for Automated Gas Oil AGO (Diesel) was cut to N164. The new ex-deport price shows a downward cut of about N5. It means Premium Motor Spirit PMS (Petrol) which is currently sold at N123 would be sold at N117.

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According to him, the new price was arrived at after extensive review of the current market realities by the Petrol Product Marketing Company (PPMC) internal price review unit.

It is coming in the wake of the subsidy removal on all petroleum products, automotive gas oil (AGO), otherwise called diesel and premium motor spirit (PMS) otherwise called petrol.

However, Nigerians have shown mixed reactions to the new price of petroleum products. Some people have said the government should have reduced the price further, looking at the current market position of crude oil across the world.

Petrol Mixed-reactions As Petrol Price Drop to N117 Per Litre - IMG 20200507 064903 300x181 - Mixed-reactions As Petrol Price Drop to N117 Per Litre

It could be recalled that the crude oil prices have hit an all-time low, as the Covid-19 pandemic forces economic activities to grind to a stop.

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