Nigerians to buy petrol at almost N170 per litre as NNPC raises ex-depot price

NIGERIANS are set to purchase Premium Motor Spirit otherwise called Petrol for as much as N168 to N170 per litre following an increase in ex-depot price from N147.67 to N155.17 per litre by Petroleum Products Marketing Company, an agency of the Nigerian National Petroleum Corporation (NNPC).

According to report, the increased ex-depot is contained in an internal memo signed by Tijjani Ali dated November 11, with reference number PPMC/C/MK/003.

The internal memo states that due to this, the estimated minimum pump price of petrol would be increased from N153.86 per litre to N161.36 per litre effect from November 13, 2020.

The ICIR had reported an increase in the price earlier in September by the PPMC from N148 to N151.56k which forced Nigerians to buy a litre of petrol for N158 to N160.

With the new increase in the ex-depot price, petrol marketers would increase the pump price in equivalence of the increased amount by the PPMC to almost N170 per litre.

The increase in Petrol price followed the deregularisation of petrol by the Nigerian government on the basis that the government can no longer subsidize petrol price due to an increase in its revenue.






     

     

    Against the present reality, Nigerian President, Muhammadu Buhari had said that the advantage of deregularisation of PMS in Nigeria is that the price of petrol would ‘keep coming down’.

    Buhari said this at the First Year Ministerial Performance Review Retreat at the State House Conference Centre, represented by Vice President Yemi Osinbajo.

    “This is the role that government must now play through the Petroleum Products Pricing Regulatory Agency (PPPRA). This explains why the PPPRA made the announcement a few days ago setting the range of price that must not be exceeded by marketers. The advantage we now have is that anyone can bring in petroleum products and compete with marketers, that way the price of petrol will keep coming down,” Buhari said in the statement.

    Petrol usage is at the centre of the Nigerian economy as most businesses are reliant on its use in their day to day activities. This is made worse by the lack of constant electricity in almost every part of Nigeria.

    Lukman Abolade is an Investigative reporter with The ICIR. Reach out to him via [email protected], on twitter @AboladeLAA and FB @Correction94

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