‘How NNPC crashed diesel price by 42%’

From Uche Usim, Abuja

The Nigerian National Petroleum Corporation (NNPC) yesterday gave details of how it was able to achieve a 42 per cent crash in diesel pump price nationwide in the last six months.
The price dropped from N300 a litre in the first quarter of 2017 to between N175 and N200 in May.
Spokesman of the national oil company, Ndu Ughamadu, said the feat followed key strategic interventions that included 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 stakeholders to improve distribution from refinery-depots, by implementing a robust loading programme.
“The high cost was such an unpleasant situation that 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. Ex-depot prices also dropped to between N135 and N155,” he said.
Ughamadu explained that the NNPC, in its quest to enhance efficient distribution of diesel, has resuscitated its critical pipelines and depots in places such as Atlas Cove-Mosimi, Port Harcourt Refinery-Aba and Kaduna Refinery-Kano.
“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 is the corporation’s robust engagement with critical downstream stakeholders,” he said.