Breaking News

NNPC cautions depot owners, marketers against hike in fuel price

Kindly Share This Story:

By Michael Eboh
The Nigerian National Petroleum Corporation, NNPC, Saturday, warned depot owners and terminal operators, against selling Premium Motor Spirit, PMS, also known as petrol, above the stipulated ex-depot price.

Dr Maikati Baru,Group Managing Director of the NNPC

In a statement in Abuja by its Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, the NNPC said the official ex-depot price of PMS remained N133.28 per litre.

The NNPC also cautioned petroleum products marketers against selling the product above N145 per litre.

According to Ughamadu, the PMS ex-depot price is the ceiling at which depot owners or terminal operators sell products to marketers, while the pump price of a product is the amount consumers buy it from fuel stations.

Ughamadu said the subsisting ex-depot petrol price of N133.28 per litre was consistent with the Petroleum Products Pricing Regulatory Agency’s, PPPRA, template and should be adhered to.

He added that the NNPC held PMS stock of over one billion litres, adding that imports of 48 vessels of 50 million litres each have been committed for the month of April alone.

VAT increment will slow down Nigeria economy—ACTIONAID

He advised Nigerians to remain vigilant and volunteer information to the Department of Petroleum Resources, DPR, the Industry regulator or to any law enforcement agency around them, on any station which sells petrol beyond N145 per litre.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!