Accidents Economy

NNPC slashes ex-depot price of petrol by N5

Revamp refineries, pass PIB bill to regulate petrol pump price, MAN demands
Written by Maritime First

…As Petrol tanker crashes on Niger Bridge***

The Nigerian National Petroleum Corporation (NNPC) has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS) from N113.28k per litre to N108.00K per litre across all its products loading facilities.

This was contained in a statement issued by the corporation’s spokesman, Dr Kenny Obateru in Abuja on Wednesday.

He said the Managing Director of the Petroleum Products Marketing Company (PPMC), Musa Lawan, disclosed that the new ex-depot price of PMS reflects the company’s market strategy.

According to him, the strategy will help to make more sales while complying with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) price template.

Lawan explained that the new price regime would enable PPMC to boost its sales volumes from the billions of litres of Petrol it had in storage while providing affordable price to millions of customers.

He said the new price was arrived at after extensive review of market realities by the PPMC internal price review unit.

The PPMC boss, however, pointed out that the price of Automotive Gas Oil (AGO), otherwise called diesel, which had already been deregulated was determined by market forces.

Also read:  ELECTRICITY: AEDC to Disconnect Abuja debtors on May 12 — Official

On March 18, 2020, the NNPC reviewed its PMS ex-coastal, ex-depot and NNPC Retail pump prices.

Thus, effective March 19 NNPC ex-coastal price for PMS was reviewed downwards from N117.6/litre to N99.44/litre while ex-depot price was reduced from N133.28/litre to N113.28/litre.

In another development, an articulated vehicle, loaded with petrol, or Premium Motor Spirit (PMS), heading to Anambra from Delta, on Wednesday crashed and spilt its contents on the Niger Bridge.

An eyewitness indicated in Onitsha, that the accident occurred about 8.30 a.m., after the propeller of the vehicle with registration number NKR41XA, allegedly pulled out from the engine on the bridge.

The source stated that the development resulted in the loss of control of the vehicle by the driver, and it subsequently hit the bridge to avoid collision with other vehicles.

“He was lucky because the tanker is hanging on the protective side rail, which prevented it from tumbling, otherwise, it would have been a different case now,” the source said.

Confirming the accident, the Spokesman of the Federal Road Safety Corps (FRSC) in Anambra, Mr Pascal Anigbo, however, said no death or injury was reported from the scene.

“About 8.30 a.m. on May 6, 2020, a Mack Truck (Tanker), with the registration number NKR41XA laden with fuel, crashed at the border between Delta and Anambra.

“The two occupants of the vehicle did not sustain any injury.

“The Acting Unit Commander, FRSC Onitsha Unit Command, Mr Isaac Komolafe, called the Fire Service, which responded immediately to prevent any fire incident.

“Meanwhile, the FRSC officials have cordoned off the area, and are managing traffic,” Anigbo said.

He advised motorists to heed the call of the State Sector Commander, Mr Andrew Kumapayi, that all vehicles must be in good working condition before embarking on any trip.

“Checking and servicing vehicles regularly will help us to avoid unnecessary and preventable road traffic mishaps,” Anigbo stated

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Maritime First