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Home Breaking News

BREAKING: NNPC Raises Petrol Depot Price, Marketers To Sell At N168-N170/Litre

Next Edition by Next Edition
November 13, 2020
in Breaking News
COVID-19: Sights from Abuja under lockdown

The Total Filing Station in Wuse Zone 3 still selling petrol at N125 per litre against the new price of N123.50 on Wednesday. Photo by Ibanga Isine

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The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.

The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.

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The memo, a copy of which was seen by The PUNCH, said the new ex-depot price would take effect from Friday.

READ ALSO: Gov. Obiano Donates 13 Vehicles, Cash To State Police

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

In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr. Mike Osatuyi, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

He said, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.

Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.

The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.

The PUNCH

Tags: Department of Petroleum ResourceFuel PriceIndependent Petroleum Marketers Association (IPMAN)Ministry of Petroleum Agencyministry of petroleum resourcesMr. Mike OsatuyiNational Union of Petroleum and Natural Gas Workers (NUPENG)NNPCOPECPetrol new depot pricepetrol stationsPETROLEUM PRODUCTS MARKETING COMPANYTijjani Ali
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