No increase in ex-deport price says NNPC General Manager: The General Manager of the Nigerian National Petroleum Corporation (NNPC) told reporters that the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, has not increased.
Dr. Kennie Obateru, the Corporation’s Group General Manager, Group Public Affairs Division, revealed this to reporters in Abuja on Friday, March 12, 2021.
He said this in response to the Petroleum Products Pricing Regulatory Agency’s (PPPRA) latest PMS Pricing design, which predicted an N212.61k Pump price for March.
The price at which oil marketers purchase goods at depots is known as the ex-deport price, and it is this price that defines the price at which petrol stations sell to motorists.
Obateru advised Nigerians and motorists not to buy the goods in a panic because the company had no plans to raise the ex-depot price.
“NNPC stands by the announcement we made on March 1 that we would not lift the Ex-depot price in March, and that is exactly what we will do.
“There is no need to worry, and I can assure you that we will not raise the price of gasoline at the pump, and we remain committed to our March 1 decision.“ We have enough product in the region, so there is no need for the public to be concerned. As I previously reported, the NNPC ex-depot price has not increased and will not increase this month of March” he explained.
However, the PPPRA announced on March 11 that the pump price of gasoline for March will be N212.61 per liter in its PMS guiding price template and that it would be valid from March 1 to March 31.
According to the PPPRA, the estimated retail price of PMS for March 2021 is N209.61 per liter and N212.61 per liter, respectively, based on the average cost from February 1 to February 28th, 2021, and an average FMDQ Importer and Exporter (I& E) Naira/US Dollar Exchange Rate of N403.80.
The lower and upper bands, it stated, remained the same.
The PPPRA calculated the Expected Ex-Coastal price to be N175.73 per liter, based on the average gasoline price (FOB Rotterdam barge) and the average freight rate of N169.22 and N6.51 per liter, respectively.
It also set the commodity’s Expected Landing Cost at N189.61 per liter, which includes average lightering expenses, Nigeria Port Authority charges, NIMASA charges, jetty throughput charges, storage charge, and average financing cost of N4.81, N2.49, N0.23, N1.61, N2.58, and N2.17 per liter, respectively, added to the ex-coastal price.
The wholesalers’ margin of N4.03 per liter, the administrative fee of N1.23 per liter, the transporters’ allowance of N3.89 per liter, the bridging fund of N7.51 per liter, and the Marine Transport Average of N0.15 per liter were also included.
The expected ex-depot price, which is the price at which the product is sold to petrol stations, was N206.42 per liter, according to the study.
The PPPRA also claimed that adding a retailer’s margin of around N6.19 per liter to the pump price of the product, which is the price at which it is sold to motorists, would push the pump price to N212.61 per liter.
Meanwhile, Dynamic News Hub discovered that most gas stations are selling above N162 the old price while NNPC gas stations are charging motorists N162 per liter.
