The Nigerian National Petroleum Corporation (NNPC) has reduced the price of Automotive Gas Oil (AGO) also known as diesel by 42% nationwide.
This was containted in a statement released on Sunday and signed by the Group General Manager, Group Public Affairs division of the corporation, Ndu Ughamadu.
NNPC explained that the price reduction, which was the aftermath of key strategic interventions, saw prices fall to N175-N200 from N300.
“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.
“However, 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.
“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 statement read.