The Nigerian National Petroleum Corporation (NNPC) has stated that the increase in the pump price of petrol is inevitable.
This was disclosed in a statement issued by the Group General Manager, Group Public Affairs Division, NNPC, Dr. Kennie Obateru on Friday.
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Obateru explained that the decision is based on the prevailing realities of market forces of demand & supply.
Contrary to the document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively, NNPC argued that though that there was a slight increase in the price, the correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17.
It stated, “The correct prices, as can be seen on PPMC’s “Customer Express” platform (online portal for procurement of petroleum products) are: Ex-Coastal Price – N128, and Ex-Depot Price (with collection) – N153.17.
“Marketers are advised to make their purchases through the online “Customer Express” platform at the recommended prices.”
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Press Release:
@NNPCgroup Clarifies Increase in PMS Ex-Coastal, Ex-Depot Price of PMSThread… pic.twitter.com/tBalgOeZOV
— NNPC Limited (@nnpclimited) November 13, 2020
What you should know
Nairametrics had reported a fresh increase in the retail pump price of Premium Motor Spirit (PMS), otherwise known as petrol appears to be looming as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of the product, to N155.17 per litre from N147.67 per litre.
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According to a report by Channels Television, this new adjustment is contained in an internal memo from PPMC with reference number PPMC/C/MK/003, dated November 11, 2020, signed by PPMC’s Manager Marketing, Tijjani Ali and addressed to the Executive Director, Commercial of the agency.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at their various depots.
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Consequently, marketers would be dispensing the product to motorists within a band of N165 and N173 per litre.
The memo read in part, “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.
