For the month of November, the Nigerian National Petroleum Corporation (NNPC) has declared
the N153.17 ex-depot price for Premium Motor Spirit (PMS), also known as petrol.
This was confirmed by the corporation in a statement signed
in Abuja on Friday by its spokesman, Dr Kennie Obateru.
The ex-depot price is the rate at which the depot owners
sell the product to national retail outlet owners and fuel marketers.
He said: “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.”
The Marketing Company of Petroleum Products
(PPMC) is a subsidiary of NNPC.
He advised marketers to make their purchases at the
recommended prices through the online Customer Express’ platform (PPMCCustomer.Express/login/authenticate).
He faulted the widely circulated media memo reporting that the PPMC Ex-Coastal
Price and Ex-Depot Price (with collection) had risen 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,” he stated
The Nigerian News Agency (NAN) reports that the PPMC did not release the
ex-depot price for October, but reported the ex-depot price of N151.56k in September.
The price in November of N153.17 is an
improvement of N1.61 from the price in September.