The Nigerian
National Petroleum Corporation (NNPC) has forced down the price of Automotive
Gas Oil (AGO), better known as Diesel, to between N175 to N200 per
litre across
the country, Vanguard reports.
In a
statement issued on Sunday by its Group General Manager, Group Public Affairs
Division, Mr. Ndu Ughamadu, the apex oil firm said that the price crashed by 42
per cent over the last six months from N300 per litre recorded earlier in the
year, due to strategic intervention efforts by the NNPC towards sustained improvement
in the supply of the diesel.
He added
that the intervention by the corporation also ensured that ex-depot prices of
the commodity dropped to between N135 and N155 per litre.
Ughamadu
further said that in the first quarter of 2017, retail prices of AGO, which is
one of the deregulated products, shot to an all-time high of N300 per litre in
major demand centres across the country.
He 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.
Ughamadu
highlighted some of the NNPC’s strategic interventions in this regard to
include improving the supply of AGO and remodeling of the product distribution
to address sufficiency issues across the country.
He said,
“Since January this year, we have worked very hard with relevant stakeholders
to improve distribution from refinery depots, by implementing a robust loading
programme.”
The NNPC
further disclosed that as a result of consistent positive engagement with the
Central Bank of Nigeria (CBN), it equally extended the expansion of Premium
Motor Spirit (PMS) Foreign Exchange Intervention Scheme to accommodate diesel
and Aviation Fuel.
“The general
public is hereby assured that the Corporation would continue to ensure seamless
supply and distribution of diesel and other petroleum products
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