The Nigerian National Petroleum Corporation (NNPC) has warned depot owners or terminal operators not to sell Premium Motor Spirit, otherwise called petrol, above the official ex-depot price of N133.28k per litre. The Corporation also cautioned petroleum products marketers not to sell the product above N145 per litre.
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.
A release today in Abuja by the corporation’s Group General Manager, Group Public Affairs Division, Mr. Ndu Ughamadu, said the subsisting ex-depot petrol price of N133.28k per litre was consistent with the Petroleum Products Pricing Regulatory Agency’s (PPPRA) template and should be adhered to.
Mr. Ughamadu stated that NNPC held stock of over 1billion litres, adding that imports of 48 vessels of 50million litres each have been committed for the month of April alone. 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.