Ex-depot price hits N161 –

Ex-depot price hits N161 – The Sun Nigeria

By Adewale Sanyaolu

Current economic variables, including the Russian-Ukraine crisis and hyper inflation among other distortions have pushed the ex-depot price of Premium Motor Spirit to N161 per liter, Daily Sun findings have revealed.

This implies that when other ancillary costs like diesel cost and union dues are added to the ex-depot price of N161 per litre, the landing cost at the filling stations would be in the range of N180-N185 per litre.

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Most of the marketers at Apapa who spoke to Daily Sun in separate interviews confirmed the latest development, saying it was no longer sustainable selling petrol at N165 per litre.

Curiously, the NNPC filling station on College Road in Ogba as at 4.10pm yesterday, sold a litre of petrol at N180 as against the official price of N165.

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Some of the commuters who had besieged the filling station lamented the difference of N15 per litre, saying if independent marketers were selling far above the official pump price, it should not be applicable to NNPC retail outlets.

However, further finding by Daily Sun confirmed an improvement in loading activities as PPMC a subsidiary of NNPC had directed a 24-hour loading from the NIPCO depot in Apapa.

Managing Director of PPMC and the Executive Director of Nigerian Downstream Midstream  Petroleum Regulatory Authourity (NMDPRA) had while on inspection visit to NIPCO to monitor distribution activities assured that load-out will improve in the days ahead.

Meanwhile, member companies of Depot and Petroleum Products Marketers’ Association of Nigeria (DAPPMAN) have sympathised with customers and the Nigerian public on the current distribution hiccups in the supply of premium motor spirit (petrol) from the various petrol stations dispensing at N165 per litre.

‘‘Nigerians would recall that the on-going Russian / Ukraine War has adversely affected the whole world, including our country Nigeria, impacting negatively on global and local fuel and food supply, as the international prices of these items have risen astronomically and have more than doubled their old rates since the beginning of the war, thereby causing extreme increases in local prices. 

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Curiously, since the fuel scarcity started on Sunday, the Nigerian National Petroleum Company Limited(NNPC) which is the importer of last resort has kept mum on what has led to the disruption in supply.

Efforts to get the reaction of the Group General Manager, Group Public Affairs Division, NNPC, Mr.Garba Deen Muhammed, proved abortive as his telephone line was switched off as at 6.46pm yesterday.

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