The Nigerian National Petroleum Corporation (NNPC) has announced N153.17 ex-depot price for Premium Motor Spirit (PMS) also known as petrol for the month of November. The corporation announced this in a statement signed by its spokesman, Dr Kennie Obateru, in Abuja on Friday. The ex-depot price is the amount at which the depot owners sells the commodity to retail outlets owners and fuel marketers across the country. He said: “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.”
Petroleum Products Marketing Company (PPMC) is a subsidiary of the NNPC. He advised marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices. He faulted the widely circulated memo in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17, respectively. “We wish to clarify that there was a slight increase in the price based on the prevailing realities of market forces of demand and supply,” he stated. The News Agency of Nigeria ( NAN) reports that the PPMC did not make public the October ex- depot price but in September, it announced ex-depot price of N151.56k. The November price of N153.17 has an increament of N1.61 from the September price.