New Pump Price: All NNPC Retail Stations Have Complied — Obateru

The Nigerian National Petroleum Corporation (NNPC) has announced that all its filling stations across the country have fully complied with the new pump price of N123.50 for Premium Motor Spirit (petrol).

The outlets are selling within the official price band announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) for the month of April, NNPC Retail Ltd, a downstream subsidiary, said on Thursday in Abuja.

The Managing Director of NNPC Retail Ltd, Sir Billy Okoye, said in a statement that all the company’s more than 600 retail outlets had adjusted to the new price immediately the pricing regulatory agency came up with the new price band of between ₦123.50 and ₦125.

The statement was signed by Dr Kennie Obateru, the corporation’s Group General Manager, Group Public Affairs Division, and emailed to Persecondnews in Abuja.

The NNPC Retail boss explained that the company was the first in the country to comply with the PPPRA price advisory issued on 19th March, 2020, by adjusting its pumps to ₦125 per litre from the old price of ₦145 per litre.

Okoye said: “Last week, the PPPRA announced the new pump price range of ₦123.50 to ₦125 for the month of April 2020. What this means is that all stations in Nigeria cannot sell below ₦123.50 and cannot sell above ₦125 per litre for the month of April 2020.

“NNPC Retail Ltd. is fully complying with the PPPRA directive as we are neither selling below ₦123.50 nor selling above ₦125 per litre in all NNPC Retail’s stations nationwide.”

Scoring NNPC Retail Ltd high as the company with the best in terms of price, products quality and quantity (meter integrity), Okoye pointed out that the company and its stations, being part of the NNPC, “are owned by Nigerians and would always strive to protect the interest of Nigerians.’’

He disclosed that the company was planning to extend its services to neighbouring West African countries, noting that having introduced its high quality lubricants into the market recently, its goal was to consolidate on it as a state-owned company for the economic benefits of Nigerians.

On feedback mechanism on any sharp practices at the outlets, Okoye called on members of the public to always use any of the company’s lines displayed at all its outlets to report any sharp practice, promising that the management would not fail to sanction erring dealers.