- A new price for petrol has been fixed by NNPC
- NNPC says the new price applies for the month of November
- According to the government corporation, there was only a slight increment in the price
The Nigerian National Petroleum Corporation (NNPC) has announced N153.17 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 on Friday.
The ex-depot price is the amount at which the depot owners sells 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.”
The News Agency of Nigeria ( NAN) reports that 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 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.
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.
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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