NNPC Speaks On Increasing Petrol Depot Price

The Nigerian National Petroleum Corporation (NNPC) has denied an increase in the ex-depot price of petrol despite the rise in the price of crude oil in the international market.

Naija News reports that the ex-depot price is the price at which the product is sold by the NNPC to oil marketers at the depots.

In a statement to newsmen on Thursday by the Group General Manager, Group Public Affairs Division, Dr Kennie Obateru, the NNPC ruled out any increment in the ex-depot price.

He urged petroleum products marketers not to engage in hoarding of petrol in order not to create artificial scarcity and unnecessary hardship for Nigerians.

The corporation gave an assurance that it has enough stock of petrol to keep the nation well supplied for about 40 days.

It called on relevant regulatory authorities to step up monitoring of the activities of marketers with a view to sanctioning those involved in products hoarding or arbitrary increase of pump price.

The NNPC recalled that the nation’s downstream sector was deregulated in March 2020 with the Minister of State for Petroleum Resources, Chief Timipre Sylva, stating that the prices of petroleum products would be determined by prevailing market forces.

Recall that filling stations in Lagos and Ogun States have increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre.

It was gathered that this is as a result of the supply shortage facing private depots in Apapa.

Some of the stations were Capital Oil and Gas, Fatgbems and Amo Oil, all along the Lagos-Ibadan Expressway. Another station, Enyo Retail, adjusted its pump price to N165 per litre from N162.

Speaking to The Punch, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Mike Osatuyi said members of his association had to increase the pump price because they bought the product at N160-N161 from depot owners.