*The correct petrol prices on PPMC’s ‘Customer Express’ online platform remain ex-coastal price -N128, and ex-depot price (with collection) -N153.17, says Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of NNPC

Alexander Davis | ConsumerConnect

Sequel to the Petroleum Products Marketing Company’s recent increase in the ex-depot price of petrol, otherwise known as Premium Motor Spirit (PMS), the Nigerian National Petroleum Corporation (NNPC) has said it is aware of a document in circulation purporting an increase in the PPMC ex-coastal price and ex-depot price (with collection) to N130 and N155.17 respectively.

Dr. Kennie Obateru, Group General Manager, Group Public Affairs Division of NNPC, in a statement Friday, November 13, 2020, however, said the state oil corporation “wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, 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.

Obateru disclosed the NNPC, therefore, advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices.

It is recalled that the Petroleum Products Marketing Company, a subsidiary of NNPC, increased the ex-depot price of petrol to N155.17 per litre from initial N147.67 per litre.

The PPMC had stated this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by certain Tijjani Ali.

According to the memo, the new ex-depot price would take effect from Friday.

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

In the agency’s 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.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

Mr. Mike Osatuyi, National Operation Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), in a telephone interview with The Punch, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

Osatuyi was quoted to have said that “the implication of the increase in the ex-depot price is that there is going to be an increase in the pump price.

“We are expecting the pump price to range from N168 to N170 per litre. Crude oil price is going up.

The IPMAN chief stated that the Federal Government has fully deregulated petrol prices in the country.

Incidentally, following the deregulation of petrol prices in September, oil marketers adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.

Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

Timipre Sylva, Honourable Minister of State for Petroleum Resources, disclosed September 2020, that the Federal Government backed down on fixing the price of petrol.

Market forces and crude oil price would continue to determine the cost of the product, said the Minister.