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Less than 24 hours after the increase in the ex-depot price of Premium Motor Spirit (petrol) was announced on Wednesday, filling stations in Lagos, Nigeria’s commercial hub, and the Federal Capital Territory Abuja have adjusted their pump prices, selling the product at between N158 and N161.70 per lire.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, had on Wednesday increased the ex-depot price of PMS to N151.56 per lire, with marketers saying the product would be sold at between N158 and N162 per litre.
The ex-depot price is the price at which the product is sold to marketers at the depots.
BusinessDay checks around Abuja on Thursday showed that Total filling station at Area 3 District in Nigeria’s capital city has adjusted its pump price to sell at N161.7 per litre.
At Azman filling station in Nyanya, on the outskirts of the Federal Capital Territory, the filling station currently sells petrol at N161.50 per litre. Sani Brothers filling station located in the same Nyanya is also selling at the same price.
NNPC filling station at Karu, also on the outskirts of the FCT, currently sells at N160 per litre.
Shema filling, adjacent General Sani Abacha Barracks (officially called Mogadishu Cantonment), is selling the product at N158 per litre.
BusinessDay’s monitoring of the situation in Lagos showed that filling stations across the state have started selling petrol at between N159 and N162 per litre.
At Ikeja, Fadeyi, Abule Egba, Onipan, Surulere, Ebute Metta and Yaba areas of Lagos, it was observed that some major oil marketers were selling within the range of N159-N162 per litre.
Ardova Plc filling station along Ikorodu Road has adjusted its pump price to N159; Enyo sold the product at N159.9 per litre; NIPCO plc sold at N158; Oando sold at N160, while MRS sold at N 161.5.
Also, some Nigerian National Petroleum Corporation (NNPC) retail outlets visited had adjusted their meters from N155 to N160 in line with the directive given by the management.
BusinessDay had earlier reported that marketers, after a crucial meeting held on Wednesday between the regulator, PPMC and marketers, had come to an agreement to sell the product at just below N162 for the month of September.
BusinessDay also reported that to arrive at the pump price, the marketers and dealers would add the following margins approved by the regulator PPPRA – N3.89 for national transportation allowance (NTA), N4.03 as wholesalers’ margin, and N6.19 retailers’ margin.
Adetunji Oyebanji, president, Major Oil Marketers Association of Nigeria (MOMAN), reacting to PPMC’s announcement earlier, told our correspondent that prices would have to be adjusted to reflect the realities of the increase of ex-depot price.
Oyebanji said the magnitude of the increase, timing and location would be a decision left to each company.
He noted that consistent with global best practices, MOMAN does not dictate prices to its members as this would be anti-competition in a fully deregulated market.
