The Nigeria National Petroleum Corporation (NNPC) has cut the price of every type of crude it sells in an effort to regain share of the global oil market.
The corporation reduced by at least $1 per barrel its official selling prices (OSPs) for 20 out of 26 Nigeria’s oil grades.
The Group General Manager of NNPC’s Crude Oil Marketing Division (COMD), Mele Kyari, said that the price reductions were due to a “huge cargo overhang” as the country attempted to regain market share.
The price reduction may not also be unconnected with the complaints of high official selling prices raised by five companies that market the nation’s crude.
Nigeria sells oil cargoes at government-set official prices to buyers. COMD quotes OSPs monthly for each of Nigeria’s 26 crude grades.
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