The Nigerian National Petroleum Corporation (NNPC) has announced N153.17 ex-depot price for Premium Motor Spirit (PMS) also known as petrol for November.
This was disclosed in a statement signed by its spokesman, Dr. Kennie Obateru, in Abuja on Friday.
The ex-depot price is the amount at which the depot owners sell the commodity to retail outlets owners and fuel marketers across the country. “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.”
Petroleum Products Marketing Company (PPMC) is a subsidiary of the NNPC.
He advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices. He faulted the widely circulated memo in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17, respectively. “We wish to clarify that there was a slight increase in the price based on the prevailing realities of market forces of demand and supply.”
It was learned that the PPMC did not make public the October ex-depot price but in September, it announced an ex-depot price of N151.56k. The November price of N153.17 has an increment of N1.61 from the September price.
Labour unions in the country had planned to go on strike over the increase, but the planned industrial action was called off after negotiations with the government.
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