FEATURED Outrage as depot price hike may push petrol to N160

The pump price of the Premium Motor Spirit , also
known as petrol, appears set to hit N 160 per litre as
the Nigerian National Petroleum Corporation has
increased the price at which it sells the product to
marketers from N 138 . 62 per litre to N 147 . 67 .
The Petroleum Products Marketing Company , a
subsidiary of the NNPC , had initially on Wednesday
increased the ex – depot price of the PMS to N 151 . 56 per
litre , with marketers saying the product would be sold
at between N 162 and N 165 per litre .
The
ex –
depot price is the price at which the product is sold to
marketers at the depots .
The N 151 . 56 ex – depot price was announced in an
internal memo to all stakeholders with reference
number PPMC/ IB / LS / 020 dated September 2 , 2020 and
signed by D. O Abalaka .
The memo , a copy of which was seen by one of our
correspondents, said , “ Please be informed that a new
product price adjustment has been effected on our
payment platform .
“ To this end, the price of Premium Motor Spirit is now
one hundred and fifty – one naira , fifty – six kobo
( N 151 . 56 k ) per litre . This is effective from September
2 , 2020 . ”
But the PPMC, in another internal memo dated
September 2, 2020 with reference number PPMC / MOD /
Sales / 346 and signed by Onya Schola, reduced the ex –
depot price to N 147 . 67 per litre .
When the ex – depot price was fixed at N 138 . 62 in
August , marketers were selling petrol at between N 148
and N 150 per litre . With a new ex – depot price of
N 147 . 67 per litre , the pump price may be between
N 157 and N 160 per litre .
Amidst the different ex – depot prices , the Managing
Director of the PPMC, Musa Lawal, told one of our
correspondents that the first ex – depot price was wrong
and should be discarded .
He said the company was investigating how the first
memo went out , stressing that although it was from the
PPMC , the figures were still being computed and had
not been concluded .
“ That is
not
authentic. It is wrong and there is a price review which
shall be communicated properly , but what came out
early today is the wrong one , ” Lawal stated .
Asked to provide the correct one , he replied , “ The one
that I saw today on the website of one of the dailies is
the wrong one . As we speak the circumstances under
which that happened are being investigated.

“ However , I cannot tell you more than this as the
PPPRA (Petroleum Products Pricing Regulatory Agency )
is the one to fix prices because we sell based on the
guiding price from them . ”