Marketers Cry Out as NNPCL Hikes Petrol Depot Price to N479.50

Ilesanmi AdekanbiJune 6, 2023

1 minute read

The Nigerian National Petroleum Company Limited (NNPCL) has increased the ex-depot price of Premium Motor Spirit (PMS) petrol to N479.50 per litre, The Nation reports.

The ex-depot price is the price at which the NNPCL sells petrol to marketers, who then add their margins and other costs to determine the pump price.

The new price, which took effect from Monday, June 5, 2023, represents a 20 per cent increase from the previous ex-depot price of N399.44 per litre.

The hike comes amid the removal of fuel subsidy by the Federal Government, which has led to fluctuations in the pump price of petrol across the country.

However, some marketers are unhappy with the new ex-depot price, as they claim that the NNPCL is forcing them to pay for products they had already purchased at the old rate eight months ago.

The Independent Petroleum Marketers Association of Nigeria (IPMAN), National Vice President, Alhaji Abubakar Maigandi, told The Nation that the marketers are facing difficulties in recovering their money and paying back their loans.

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He said: “We have already bought the product from NNPCL since eight months ago. Now they are saying they will give us the product for this new rate and not the old rate we paid at. And it is with our money they bought this product. These are part of the challenges we are encountering now.”

He added that some depots have started selling petrol at the new ex-depot price, while others are yet to adjust their prices.

The Nation tried to reach out to the NNPCL Chief Communication Officer, Malam Garba Deen Muhammad, for his reaction, but he did not answer calls or reply to text messages.