The Nigerian National Petroleum Corporation (NNPC) has cut N2 from N155.17 ex-depot price of petrol earlier announced on Friday.
With this new price, a litre of petrol will now sell at between N166.17 and N170.17 across the country.
The state oil company announced the reduction in a statement on Friday night.
“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.
The statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices.
Earlier the Federal government had increase the pump price to N172.17 triggering reactions from Nigerians.
The new pump price, which is as a result of the increase in ex-depot price to N155.17, took effect from yesterday, according to a Petroleum Products Marketing Company’s (PPMC) internal memo seen by our reporter.
In October, the ex-depot price was unchanged and traded at 151.56 per litre as set by the PPMC in September. At that price, the pump price of fuel was between 158 and N162/litre.
The memo stated, “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.’’
In May 2020, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new pump price from N121.50 to N123.50 per litre. In July, it was increased between N140.80 and N143.80.
In August 2020, it was again hiked to N145.86 and N148.86.
Before Friday’s increase, the latest one was on September 2 when the commodity was further hiked to N158-N162/ litre.
Wrong Timing
But many Nigerians have spoken against the increase, saying it came at a wrong time as the harsh economic condition in the country is dealing heavily with them.
An Abuja-based private school teacher, Amarachukwu Okafor, condemned the increase and called on the Federal Government to rescind the decision in the interest of the masses.
She said increasing the pump price of fuel at a time when many Nigerians were still “suffering from the effects of COVID-19 and #EndSARS was a demonstration of wickedness.’’
Similarly, Idowu Lawal, a Lagos-based artisan, said the government should rather bring down the pump price of fuel instead of increasing it.
Abdulsalam Issa, a Kano-based teacher, also frowned at the increase, saying it would affect the cost of living in the country.
He called on the Nigerian National Petroleum Corporation (NNPC) to hasten the commencement of the use of gas as an alternative to petrol.
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