NNPC ANNOUNCES N153.17 EX-DEPOT PRICE FOR PETRO

It may not be true after all that the price of petrol was increased to N170 per litre, as was circulated in the media yesterday.

This follows a statement from the Nigerian National Petroleum Corporation (NNPC), which just announced N153.17 as ex-depot price for Premium Motor Spirit (PMS) also known as petrol for the month of November.

The corporation announced this in a statement signed by its spokesman, Dr Kennie Obateru in Abuja yesterday, Friday, November 14.

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 statement clarified that: “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 is worthy to note that “Petroleum Products Marketing Company (PPMC) is a subsidiary of the NNPC”.

The statement advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices.

The NNPC spokesman 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”.

Reports say the PPMC did not make public the October ex- depot price but in September, it announced ex-depot price of N151.56k.

The November price of N153.17 has an increament of N1.61 from the September price.