NNPC raises petrol depot worth, entrepreneurs to promote at N168-N170/litre
NNPC raises petrol depot worth, entrepreneurs to promote at N168-N170/litre. The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has elevated the ex-depot worth of Premium Motor Spirit, also referred to as petrol, to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an inner memo with reference quantity PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
The memo, a replica of which was seen by our correspondent, stated the brand new ex-depot worth would take impact from Friday.
The ex-depot worth is the value at which the product is bought by the PPMC to entrepreneurs on the depots.
In its PMS worth proposal for November, the PPMC put the touchdown price of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It stated the estimated minimal pump worth of the product would improve to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a phone interview with our correspondent, stated the over N7 improve in ex-depot worth would translate into a rise in pump costs.
He stated, “The implication of the rise within the ex-depot worth is that there’s going to be a rise within the pump worth. We expect the pump worth to vary from N168 to N170 per litre.
“Crude oil worth goes up,” he stated, noting that the Federal Government has absolutely deregulated petrol costs.
Following the deregulation of petrol costs in September, entrepreneurs throughout the nation adjusted their pump costs to between N158 and N162 per litre to replicate the rise in international oil costs.
Petrol worth band had additionally risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The Minister of State for Petroleum Resources, Timipre Sylva, stated in September that the federal government had stepped again in fixing the value of petrol, including that market forces and crude oil worth would proceed to find out the price of the product.