Barely 24 hours after the increase in the ex-depot price of Premium Motor Spirit (petrol) was declared, some filling stations in Lagos and neighboring states have adjusted their pump prices, selling the product at between N160 and N162 per litre.
Observations from Reference Daily News reporters as at yesterday and today (Thursday) saw several filling stations in Lagos State, sold a litre of petrol at N162, N160, N159.9 and very few N150 per litre.
Reference Daily News had earlier reported that the pump price of PMS appeared set to hit N160 per litre as the Nigerian National Petroleum Corporation increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.
The Petroleum Products Marketing Company, a subsidiary of the NNPC had, on Wednesday, increased the ex-depot price of the PMS to N151.56 per litre, 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.
The Chairman, Major Oil Marketers Association of Nigeria, Mr. Adetunji Oyebanji, on Thursday said that pump prices would have to be adjusted to reflect realities of the increase of ex-depot prices by PPMC.
He said, “However the magnitude of the increase, timing and location is a decision left to each company. Consistent with global best practices, MOMAN does not dictate prices to its members, as this would be anti-competition in a fully deregulated market.
“We welcome government’s action in allowing the market to determine prices, as we believe it will prevent the return of subsidies, while allowing operators the opportunity to recover their costs.
“This will, in the long run, encourage investment and create jobs.”