NNPC, IJV model, JV

The Nigerian National Petroleum Corporation (NNPC), on Saturday, cautioned  petroleum products depot owners (also known as terminal operators) against selling premium motor spirit above the specified ex-depot price.

NNPC also warned marketers – The NNPC also cautioned petroleum products marketers against selling the product above N145 per litre.

Nigerians should report any station that sells petrol over the agreed price – According to a statement signed by the Group General Manager in charge  Group Public Affairs Division, Mr Ndu Ughamadu, Nigerians are report any filling station selling petrol above the official price of N145 per litre to the Department of Petroleum Resources (DPR), or any law enforcement agency.

News went around that there was a hike – Last week, information spread fast that the NNPC subsidiary in charge of marketing and distribution of petroleum products, the Petroleum Products Marketing Company (PPMC), had put an increase of 1.67 percent on the ex-depot price.

According to the rumour, the implication is that marketers were required to pay a new ex-depot price of N135.50 per litre, which is about N2.22 above the current agreed price.

NNPC confirmed these are just rumours – Ughamadu, and the General manager of PPMC, Billy Okoye confirmed that there was no such hike in the price of petroleum products.

The ex-depot price should be followed rigorously – In a statement in Abuja last week, Ughamadu told the marketers of petroleum that the subsisting ex-depot petrol price of N133.28k per litre was consistent with the prevailing Petroleum Products Pricing Regulatory Agency’s (PPPRA) fuel pricing template and should be adhered to strictly.

What is an ex-depot price?

According to Ughamadu, the PMS ex-depot price is the ceiling at which depot owners or terminal operators sell products to marketers.

What is a pump price?

The pump price of a product is the amount consumers buy it from fuel stations or retail outlets across the country.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.