NNPC confirms ‘slight increase’ in fuel pump price

The Nigerian National Petroleum Corporation, NNPC, has reacted to the increment in the pump price of petrol. NNPC said the “slight increase” was due to prevailing market forces of demand and supply. Recall that the Petroleum Products Marketing Company (PPMC) had increased the ex-depot price of PMS, thereby leading to a hike in the pump price of petrol.

However, NNPC in a statement by its Group General Manager, Group Public Affairs Division, Kennie Obateru confirmed PPMC’s statement. Obateru issued the clarification in a statement titled: “NNPC group Clarifies Increase in PMS Ex- Coastal, Ex-Depot Price of PMS.”

The statement posted on NNPC verified Twitter

handle reads: “The NNPC has said it is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify 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.

“A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, advised Marketers to make their purchases through the online “Customer Express” platform (https://t.co/8b8Zb7HrXw) at the recommended prices.”

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