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Increase in Price of Petroleum due to fluctuation in demand and supply

NNPC reduces petrol depot price - News and Gist Blog in Nigeria

The Nigerian National Petroleum Corporation (NNPC) on Friday said the “slight increase” in the ex-coastal price and ex-depot price of Premium Motor Spirit, popularly known as petrol, is due to the fluctuating realities of demand and supply.

The NNPC’s position was made known in a statement signed by its spokesman, Kennie Obateru.

The corporation said the correct prices, as seen on the Pipelines and Product Marketing Company’s online portal for procurement of petroleum products are:  N128 for Ex-Coastal Price and N153.17 and Ex-Depot Price (with collection).

Obateru further advised petrol marketers to make their purchases through the online PPMC platform at the recommended prices.

The ex-coastal and ex-depot prices are expected to impact on pump prices nationwide.

READ THE NNPC’S FULL STATEMENT:

Press Release

NNPC Clarifies Increase in PMS Ex-Coastal, Ex-Depot Price of PMS

The Nigerian National Petroleum Corporation (NNPC) has said it is aware of a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively and wishes to clarify that although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply, 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.
A statement by the Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, advised Marketers to make their purchases through the online “Customer Express” platform (PPMCCustomer.Express/login/authenticate) at the recommended prices.

Dr. Kennie Obateru
Group General Manager
Group Public Affairs Division
Nigeria National Petroleum Corporation
NNPC Towers, Abuja.
13th November, 2020.

Source: Channels Tv

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