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 NNPC Adopts Petroleum Marketers Official Pump Price (PMS) From N165 per Litre To N179 Per Litre, Effective Today
July 19, 2022

NNPC Adopts Petroleum Marketers Official Pump Price (PMS) From N165 per Litre To N179 Per Litre, Effective Today

The price of petrol has finally been raised above N165 per litre across regions of the country.

Although the product has been selling above N165 in some parts of the country, a new price regime was released on Tuesday.

Petrol marketers have said the Federal Government gave approval for the raise, but the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) is yet to react to this.

The Nigerian National Petroleum Company (NNPC) Limited has approved an upward review in the pump price of Premium Motor Spirit (PMS) from N165 per litre to N179 per litre, effective today (Tuesday).

NNPC in a notice to fuel marketers directed them to change the petrol price on pumps to the new price effective today. This was even as the company equally increased the ex-depot price from N148.17 to N167 per litre.

This came after weeks of petrol scarcity resurfaced across the country as fuel retailers were adopting different price bands to force unofficial deregulation attempts.

Already, majority of filling stations in Lagos have adopted different price models. While some filling stations have changed the price on their meters to reflect the current price they are selling at, others have left theirs to show the approved retail price of N165 per litre but were selling above the displayed price.

For instance, the Mobil filling station on Agidingbi sold a litre of petrol at N170 per litre on Friday and that was evidently displayed on their meters.

The development was also the same at Enyo filling station at Chisco bus stop, in Lekki, which now sells for N170 per litre, Eterna filling station at Jankade bus stop, Lekki sells at N180 per litre and Mobil Filing station, by Osapa London, Lekki now selling at N170 per litre.

Daily Trust attempted to get a confirmation from the NMDPRA on Tuesday morning but the spokesman of the agency, Mr Apollo Kimchi, did not respond to enquiries.

According to the regional price list effective from Tuesday, the rate rose from N165 to N179 per litre in the south west, south south and southeast regions.

The price was raised to N184 in the north west and N189 in the north east being a N24 increase, the highest in the new adjustment.Petrol will now sell at N179 in the north central region. Although the product will sell for N169 in Lagos, marketers will sell for N174 in Abuja.

There is also an upward adjustment in the ex-depot price in the Lagos axis from N148.17 to a range of N160 and 162.Depot’s in Warri/Ogbarra have their rates adjusted to N162-N165 while Port Harcourt depots will sell for N165-167.
Source: Daily Trust

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