The Federal government of Nigeria has refuted reports claiming that the new price of Petroleum Motor Spirit (PMS) is N130 following its recent deduction from N150.
Some online newspaper website had earlier reported that the new price that petrol will be sold in the country is now N130.
However, in a statement sent to this online news platform, Mele Kyari, the Managing Director, NNPC Group, said the new price is N125 per litre.
CodedBoom learnt that the new price is effective from Thursday, 19th March 2020.
The statement reads; “NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will therefore translate to N125/litre retail
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians.
“Accordingly, all NNPC Retail stations nationwide have been directed to change the retail pump price to N125/litre,” the statement concluded.
The National Petroleum Corporation recently reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly in compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing.