NNPC blames fuel price hike on market forces

[By Sopuruchi Onwuka]

Nigerian National Petroleum Corporation (NNPC) has said the rise in prices of petrol this weekend is compelled by market forces.

Mele Kyari, NNPC GMD

Group General Manager in charge of the corporation’s Group Public Affairs Division, Dr Kennie Obateru, clarified Friday evening that increases effected at its facilities are little lower than what are reported in the media.

According to him, “a document widely circulating in the media purporting an increase in the PPMC Ex-Coastal Price and Ex-Depot Price (with collection) to N130 and N155.17 respectively” does not represent the correct figures.

He stated that “although there was a slight increase in the price based on the prevailing realities of market forces of demand and supply.” 

He added that the correct prices are available to the public on PPMC’s  “Customer Express” platform, the online portal for procurement of petroleum products.

According to Dr Obateru, the corporation’s ex-coastal price for petrol stands at N128 per litre, and the ex-depot price including collection stands at N153.17 per litre.

He advised Marketers to make their purchases through the right channels at the recommended prices.   

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