Petrol to sell at N168-N170/litre as NNPC increases depot price

Petrol to sell at N168-N170/litre as NNPC increases depot price

- A reported adjustment in the ex-depot price of fuel is expected to trigger an increase in the cost of petrol to Nigerian consumers.

- The new development is to take effect immediately, according to disclosure by a government petroleum company

- The new price regime is coming a few months after Nigerians complained over the price of petrol

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Nigerians may have to pay more to buy petrol after the Petroleum Products Marketing Company (PPMC) adjusted the ex-depot price of fuel from N147.67 to N155.17.

Petrol to sell at N170 per litre as NNPC makes fresh price increment
The PPMC has notified petroleum marketers about the new price regime. Credits: Business Day
Source: UGC

The PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), made the disclosure in a memo dated November 11, Premium Times reported.

The ex-depot price is the price at which the product is sold to marketers at the depots.

According to its price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

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The agency estimated that the minimum pump price of petrol would increase to N161.36 per litre from N153.86 per litre.

Petroleum marketers, however, suggested that the over N7 increase in ex-depot price would translate to an increase in pump prices within the range of N168 to N170 per litre. recalls that Nigerians recently spoke against a previous sudden increment in the pump price of petroleum by the federal government.

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.

In another news, a report by This Day indicates that an explosion has occurred at Oil Mining Lease (OML) 40, leading to the shut-in of about 10,000 barrels per day of crude oil.

The regrettable incident was confirmed by the group general manager, group public affairs division of NNPC, Kennie Obateru. He added that there was no fatality or injury and no significant spill.

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The national oil company disclosed that there was significant damage to the marine storage vessel, MT Harcourt, which it projected would impact production by about 10,000 barrels of oil per day.

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