NNPC Reacts As Oil Marketers Increase Petrol Pump Price To N170

Some oil marketers have increased their petrol pump price to N170 per litre following a supply shortage affecting private depots in Apapa.

Some filling stations in Lagos and Ogun states on Wednesday increased the pump price of petrol to N170 per litre on Tuesday from N162 per litre.

Mike Osatuyi, National Operation Controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development in an interview, saying marketers had to increase the pump price because they bought the product at N160-N161 from depot owners.

“My members buying from DAPPMAN members are buying at N160-N161, and they will have to add their transportation costs to it. So, at what price do you want them to sell? Even that N170 is still very cheap,” Osatuyi told the Punch.

According to the IPMAN National Operation Controller, the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has implemented a new payment method known as ‘PPMC Customer Express’.

He said the marketers had to register before they could buy products from the PPMC.

“Right now, PPMC has said that the era of ATP (Authority to Pay) has gone. It means that payment has to be made online. So, my members are now in the process of doing that, and without doing it, we cannot lift products,” he said.

The NNPC has, however, insisted that it has not raised its ex-depot price, stating that the action of the marketers is speculative due to the rise in oil prices globally.

Dr Kennie Obateru, Group General Manager, Group Public Affairs Division of the Corporation, also said there is no shortage of petrol supply from the NNPC.

He said: “We have 1.7 billion litres of product as at today, which will give us about 40 days’ sufficiency. Even some more vessels are on the programme.

“And we have not increased our ex-depot price; even though we know some of them (marketers) are sort of slowing down because they are expecting that we will react to the crude oil price increase. But for now, we haven’t done that.”