The Nigerian National Petroleum Company Limited (NNPCL) has adjusted the price of PMS to as high as N617 per litre in Abuja.
This was seen at NNPCL filling stations in Ushafa and one of its mega stations at Durumi, in the Federal Capital Territory.
This is coming after the price of PMS at the ex-depot increased as well as the purchase of a new stock.
Earlier in June, Mike Osatuyi, national operations controller, Independent Petroleum Marketers Association of Nigeria (IPMAN) in a conversation with BusinessDay confirmed that the prices will further increase following the price increase in ex- depot.
Ex-depot price is the price marketers buy products at the depot and it determines the price at which they will sell to motorists.
“If you want to order now for a truck, you will have like N21.8 million, we are going to increase it more than N500 because if I buy at N480/N495, what price will I sell?” he said.
He noted that this price increase will affect areas like Lagos, Rivers, Imo, Abeokuta etc. where the price is currently N488, N511, N515 and N500 respectively according to Nigerian National Petroleum Company Limited (NNPCL)’s price update.
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