The Nigerian National Petroleum Corporation (NNPC) has announced the crash of diesel by 42%.
The NNPC said the huge price crash followed its key strategic interventions.
This was disclosed in a statement released on the NNPC website on Sunday, June 18, 2017.
The price of Automotive Gas Oil (AGO) also known as diesel had shot to an all-time high of N300/litre in major demand centres across the country in the first quarter 2017.
But 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.
Speaking on the price crash, the NNPC Spokesperson, Mr. Ndu Ughamadu, said some of the Corporation's strategic interventions in this regard include improving the supply of AGO and remodeling of the product distribution to address sufficiency issues across the country.
"Since January this year, we have worked very hard with relevant stakeholders to improve distribution from refinery depots, by implementing a robust loading programme," Ughamadu affirmed.
According to the statement, the Corporation was also able to resuscitate its critical pipelines and depots in places such as Atlas Cove-Mosimi, Port-Harcourt Refinery-Aba and Kaduna Refinery-Kano.
It said efforts are also ongoing to revamp and commission other critical pipelines across the country.
Another key intervention that has enhanced supply and distribution of diesel, the NNPC Spokesperson noted, was the Corporation's robust engagement with critical downstream stakeholders where salient issues were raised and duly addressed.
These stakeholders include: Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers.
Furthermore, as a result of consistent positive engagement with the Central Bank of Nigeria (CBN), NNPC equally extended the expansion of Premium Motor Spirit (PMS) Foreign Exchange Intervention Scheme to accommodate Diesel and Aviation Fuel, the statement added.
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