WorldStage Newsonline– Nigerian National Petroleum Corporations (NNPC) has linked the latest increase in PMS Ex-Coastal, Ex-Depot Price of premium motor spirit (PMS) to realities of market forces of demand and supply.
NNPC in a statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru) said the increase was a function of prevailing realities of market forces of demand and supply.
NNPC said 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 as against the N130 and N155.17 respectively being reported.
Before the latest increase the Ex-Depot price of a liter of petrol was N147.67.
The statement advised Marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices.
In September, the Federal Government declared a fully deregulated downstream oil sector, paving the way for prices to be determined by market forces, especially international oil price.
The deregulation had been singled out as the reason behind the recent hike in the price of petrol.
Minister of State for Petroleum Resources, Timipre Sylva, said deregulation will be difficult for Nigerians at the initial stage but will get better in the long run.
He added that since the announcement of full deregulation in March, the Federal Government had saved over N1 trillion.
