Less than 24 hours after the increase in the ex – depot price of Premium Motor Spirit ( petrol) was announced, some filling stations in Lagos and Ogun states have adjusted their pump prices , selling the product at between N 150 and N 162 per litre.
Our correspondent , who visited several filling stations along the Lagos – Ibadan Expressway, observed that Fatgbems sold a litre of petrol at N 162; NNPC , N 160; and Mobil , N 159. 9.
Enyo sold the product at N 159. 9 per litre; Capital Oil and Gas, N 158; and Oando, N 150.
Crimefacts.News had earlier reported that the pump price of PMS appeared set to hit N 160 per litre as the Nigerian National Petroleum Corporation increased the price at which it sells the product to marketers from N 138. 62 per litre to N 147. 67.
The Petroleum Products Marketing Company , a subsidiary of the NNPC had, on Wednesday, increased the ex -depot price of the PMS to N 151. 56 per litre, with marketers saying the product would be sold at between N 158 and N 162 per litre.
The ex – depot price is the price at which the product is sold to marketers at the depots.
The Chairman , Major Oil Marketers Association of Nigeria , Mr . Adetunji Oyebanji, told our correspondent on Thursday that pump prices would have to be adjusted to reflect realities of the increase of ex -depot prices by PPMC .
He said , “ However the magnitude of the increase , timing and location is a decision left to each company . Consistent with global best practices, MOMAN does not dictate prices to its members , as this would be anti -competition in a fully deregulated market.
We welcome government ’ s action in allowing the market to determine prices, as we believe it will prevent the return of subsidies , while allowing operators the opportunity to recover their costs .
“ This will, in the long run , encourage investment and create jobs. ”
