The Nigerian National Petroleum Corporation has announced a reduction in the ex-depot price of petrol from 113 naira 28 kobo per litre to 108 naira per litre.

The ex-depot price is the price at which the product is sold to marketers at the depots.

The NNPC said the price reduction took effect across all its products loading facilities as well as in its throughput operations.

The corporation’s Group General Manager, Group Public Affairs Division, KENNIE OBATERU, quoted the Managing Director of the Petroleum Products Marketing Company, MUSA LAWAN, as saying that the new ex-depot price of petrol was a reflection of the company’s market strategy.