Confusion over IPMAN pricing of petrol as NNPC clarifies increase

A clarification of the recent increase in the ex-depot price of Premium Motor Spirit (PMS), popularly called petrol, by the Nigerian National Petroleum Corporation (NNPC) has created confusion over whether the Independent Petroleum Marketers Association of Nigeria IPMAN) should have adopted between N168 to M170 as pump price per litre for consumers.

The NNPC 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.”

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.

An analyst said last night that with the clarification, IPMAN members ought not to sell for more than N164, and not the N168 – N170 per litre band it announced.

Recall that the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, had, Friday, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

“The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.”