Spokesman gives reasons why NNPC cannot reduce price of petrol

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The Nigerian National Petroleum Corporation (NNPC) said that it is impossible for the corporation to bring down the price of Premium Motor Spirit (PMS) also known as petrol due to the high demand of the product in the country, The Guardian reports.

NNPC, which through its strategic intervention has successfully reduce the price of Automotive Gas Oil (AGO) popularly called diesel by 42 per cent, noted that though the corporation has flooded the market with petrol, its hardly enough to bring down the price due to the high demand of petrol in the country.

Speaking on Monday, NNPC Spokesperson, Ndu Ughamadu said; “The PMS market is partially deregulated with an element of regulation in the price of the product. Government has fixed the price of petrol, but some marketers have not been importing and the weight to ensure continuous flow of petrol is solely on NNPC. The consumers of petrol are more than those consuming diesel, which is why the price of petrol is difficult to come down.”