Coronavirus: NNPC Reduces Fuel Price to N125 Per Litre
*As Lagos closes schools with effect from March 23
*CBN to boost manufacturing, import substitution with N1trillion
The outbreak of Coronavirus has forced the federal government to reduce fuel price from N145 to N125 per litre.
The new price was announced Wednesday in a statement released by the Nigerian National Petroleum Corporation (NNPC).
In a statement signed by the Group Managing Director, Mele Kyari, the new price followed a directive from the Minister of State for Petroleum Resources on PMS pricing.
Part of the statement reads, “In compliance with the directives of the Honourable Minister of State for Petroleum Resources on PMS pricing, the Corporation has reviewed its Ex-coastal, Ex-depot and NNPC Retail pump prices accordingly.
” Effective 19th March 2020, NNPC Ex-Coastal price for PMS has been reviewed downwards from N117.6/litre to N99.44/litre while Ex-Depot price is reduced from N133.28/litre to N113.28/litre.
“These reductions will therefore translate to N125/litre retail pump price.
“Despite the obvious cost implication of this immediate adjustment to the Corporation, NNPC is delighted to effect this massive reduction of N20/litre for the benefit of all Nigerians”.
Meanwhile, the Lagos State Government has also announced closure of all schools in the state with effect from Monday, March 23.
In a statement signed by the Commissioner of Education, Mrs Folashade Adefisayo, the measure was to check spread of coronavirus.
“It is important for parents to ensure that their children practise ‘social distancing’ while at home, wash their hands regularly or use hand sanitizers and observe high standards of personal hygiene.
“Children should be encouraged to remain at home.
“The closure is not intended to create panic but to arrest the spread of the disease, which has become a global threat”.
Following the effect of the disease on the economy, the Central Bank of Nigeria (CBN) has said it will inject N1 trillion in the nation’s crucial sectors of the economy.
The fund according to the CBN Governor, Mr. Godwin Emefiele, is to boost the nation’s manufacturing sector import substitution in what is aimed at checking the effect of coronavirus.
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