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.

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