The Nigerian National Petroleum Corporation (NNPC) has reduced N2 from the N155.17 ex-depot price of petrol earlier announced on Friday.
A litre of petrol is expected to sell at between N166.17 and N170.17 across the nation.
“NNPC is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and 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,” the statement said.
Dr. Kennie Obateru, the Group General Manager, Group Public Affairs Division of the NNPC, encouraged marketers to make their purchases through the online “Customer Express” platform at the recommended prices.
The pump price of fuel was earlier increased to N172.17 as a result of the increase in ex-depot price to N155.17, which took effect from Friday according to the Petroleum Products Marketing Company’s (PPMC).
“We propose actual prices for PMS with effect from November 13, 2020 as follows: PPMC ex-coastal price, N130.0; PPMC ex-depot price (collection), N155.17,” a memo by PPMC read.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told one of our correspondents that the over N7 increase in the ex-depot price would translate into an increase in pump prices.
“We are expecting the pump price to range from N168 to N170 per litre,” he said.
In September, fuel was increased to N158 – N162 per litre.
The latest increase has drawn condemnation from Nigerians who berated President Muhammadu Buhari over the development.
Afenifere, the apex Yoruba socio-political group, in a statement by its leader, Chief Ayo Adebanjo, described the Buhari-led Federal Government as insensitive to the plight of Nigerians.
The group noted that Nigerians were already dealing with a myriad of issues such as unemployment, poverty, inflation and the negative effect of the COVID-19 pandemic.
“It will worsen the rate of inflation, poverty and seriously affect businesses; you don’t need a crystal ball to know that. We are complaining about one thing, you are doing another thing.
“When we talk about the situation in the country, people like us get irritated because the man (Buhari) is doing everything with impunity. I’m not a happy old man; I’m very sad. Former heads of state have approached him to tell him that this is not how to run a country, can you beat that?
“What else can I say, particularly if you consider our struggle before independence and what we were able to do in the First Republic before the military came to power?”
Also, based on the development, associations such as the Lagos Chamber of Commerce and Industry, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, and Manufacturers Association of Nigeria have predicted that the times ahead would be tougher, adding that the hike in petrol price would worsen inflation and poverty, as well as lead to the collapse of many small businesses.
