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NNPC hikes petrol ex-depot price to N155, marketers to now sell at N168

Increase in petrol price inevitable –Rewane

The Petroleum Products Marketing Company (PPMC) a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has hitched up the ex-depot price of Premium Motor Spirit (PMS) also called petrol.

It increased the rate at which it sells the product to marketers, from N147.67 per litre to N155.17, equivalent to a 5.1% hike.

Marketers are to sell petrol at a price anywhere between N168 and N170 with effect from Friday (today), a memo signed by Tijani Ali, PPMC Marketing manager said.

The Petroleum Products Marketing Company, (PPMC) a subsidiary of the Nigerian National Petroleum Corporation (NNPC) has hitched up the ex-depot price of petrol, the rate at which it sells the product to marketers, from N147.67 per litre to N155.17, equivalent to a 5.1% hike.

Marketers are to now sell gasoline at a price anywhere between N168 and N170 with effect from Friday (today), a memo signed by Tijani Ali, PPMC Marketing manager said.

The marketing unit of state-owned NNPC put the landing cost of the product at N128.89 per litre relative to the N119.77 per litre reported for September/October.

Read also: NNPC begins oil production at Anyala Field, 42 years after oil find

The ex-coastal selling price was upped to N130 for November in contrast to the N125 in the previous months.

Marketers reviewed pump prices upward to between N158 per litre and N162 after petrol pricing was deregulated in September to reflect the dynamics in the global oil market.

The price band had of the product jumped from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

In September, Minister of State for Petroleum Resources Timipre Sylva said government had withdrawn from the role of fixing petrol price, noting that market forces and that crude prices would henceforth inform petrol price.

“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,” said Mike Osatuyi, National Operation Controller, Independent Petroleum Marketers Association.

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