Global News

Filling Stations Adjust Pump Prices, Sell Petrol At N162

Filling Stations Adjust Pump Prices, Sell Petrol At N162 (Updated: 2 years ago)


Following the hike in petrol, fuel stations around the country have increased their prices.

Less than 24 hours after the increase in the ex-depot price of Premium Motor Spirit (petrol) was announced, some filling stations in Lagos and Ogun states have adjusted their pump prices, selling the product at between N150 and N162 per litre.

PUNCH correspondent, who visited several filling stations along the Lagos-Ibadan Expressway, observed that Fatgbems sold a litre of petrol at N162; NNPC, N160; and Mobil, N159.9.

Enyo sold the product at N159.9 per litre; Capital Oil and Gas, N158; and Oando, N150.

It was earlier reported that the pump price of PMS appeared set to hit N160 per litre as the Nigerian National Petroleum Corporation increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.

The Petroleum Products Marketing Company, a subsidiary of the NNPC had, on Wednesday, increased the ex-depot price of the PMS to N151.56 per litre, with marketers saying the product would be sold at between N158 and N162 per litre.

The ex-depot price is the price at which the product is sold to marketers at the depots.

The Chairman, Major Oil Marketers Association of Nigeria, Mr. Adetunji Oyebanji, told our correspondent on Thursday that pump prices would have to be adjusted to reflect realities of the increase of ex-depot prices by PPMC.

He said:-

“However the magnitude of the increase, timing and location is a decision left to each company. Consistent with global best practices, MOMAN does not dictate prices to its members, as this would be anti-competition in a fully deregulated market.

“We welcome government’s action in allowing the market to determine prices, as we believe it will prevent the return of subsidies, while allowing operators the opportunity to recover their costs.

“This will, in the long run, encourage investment and create jobs.”

Add a coment

Recent Posts

Fireboy
Fireboy
Reminisce
Reminisce
BlaqBonez
BlaqBonez
Jumabee
Jumabee
Ruffcoin
Ruffcoin
Victony
Victony
DJ Enimoney
DJ Enimoney
Boy Spyce
Boy Spyce
Brymo
Brymo
Skaa
Skaa
Solidstar
Solidstar
Sinzu
Sinzu
Olakira
Olakira
Kwesi Arthur
Kwesi Arthur
Kranium
Kranium
Di’ja
Di’ja
Hotkid
Hotkid
Zlatan
Zlatan
Oritse Femi
Oritse Femi
Dablixx
Dablixx
Timaya
Timaya
Klever Jay
Klever Jay
Busiswa
Busiswa
Frank Edwards
Frank Edwards
Olalakeside
Olalakeside
Sean Tizzle
Sean Tizzle
Emma Nyra
Emma Nyra
Ayanfe Viral
Ayanfe Viral
Aramide
Aramide
Blaq Jerzee
Blaq Jerzee
Kizz Daniel
Kizz Daniel
Adol
Adol
Erigga
Erigga
Dj 9ke
Dj 9ke
Seyi Shay
Seyi Shay
Banky W
Banky W
Praiz
Praiz
Drizz Ace
Drizz Ace
Teni
Teni
Cheque
Cheque
NAIJAKIT.COM