Improvement in supply and remodelling of the product distribution has led to the crash of the price of Automotive Gas Oil (AGO), also known as diesel by about 42 per cent nationwide, the Nigerian National Petroleum Corporation (NNPC) has said.
The retail prices of AGO, which is one of the deregulated products, shot up to an all-time high of N300/litre in major demand centres across the country in the first quarter 2017.
But following the NNPC intervention towards sustained improvement in the supply of the diesel, the product’s retail prices as at the end of May 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, the NNPC Spokesperson, Mr. Ndu Ughamadu, has said in a statement.
“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.
Also, in its quest to enhance efficient distribution of AGO, the Corporation was able to resuscitate 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.