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The Nigerian National Petroleum Corporation has attributed the recent decline in prices of diesel nationwide to the Corporation’s interventions aimed at boosting the supply of the product.

According to a statement released on Sunday, NNPC said diesel prices have crashed by 42 percent from around N300 per litre in the first quarter of 2017 to between N175 and N200 per litre across the country. Ex-depot prices have also dropped to between N135 and N155, the company said.

Ndu Ughamadu, NNPC’s Group General Manager, Public Affairs Division, said some of the NNPC’s strategic interventions to reduce diesel prices include: improving the supply of diesel and remodelling product distribution mechanisms to address sufficiency issues across the country.

In this regard, Ughamadu said NNPC has resuscitated its critical pipelines and depots in places such as Atlas Cove – Mosimi, Port-Harcourt Refinery – Aba, and Kaduna Refinery – Kano.

“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 said.

Other NNPC interventions include the engagement with critical downstream stakeholders where salient issues were raised and duly addressed. These stakeholders include: Major Oil Marketers Association of Nigeria (MOMAN), Nigerian Association of Road Transport Owners (NARTO), Petroleum Tanker Drivers (PTD) as well as Independent Petroleum Marketers.

Ughamadu also noted that the NNPC has agreed with the Central Bank of Nigeria to expand the Premium Motor Spirit (PMS) Foreign Exchange Intervention Scheme to accommodate both diesel and aviation fuel.

“The general public is hereby assured that the Corporation would continue to ensure seamless supply and distribution of diesel and other petroleum products across the country to make the lives of Nigerians better,” the statement said.