BREAKING: Filling stations adjust pump prices, sell petrol at N162

Earlier Topnaija.ng  reported that the pump price of PMS appeared set to hit N160 per liter as the Nigerian National Petroleum Corporation increased the price at which it sells the product to marketers from N138.62 per liter to N147.67.

The Petroleum Products Marketing Company, a subsidiary of the NNPC had, on Wednesday, increased the ex-depot price of the PMS to N151.56 per liter, with marketers saying the product would be sold at between N158 and N162 per liter.

The ex-depot price is the price at which the product is sold to marketers at the depots.

The Chairman, Major Oil Marketers Association of Nigeria, Mr. Adetunji Oyebanji, told our correspondent on Thursday that pump prices would have to be adjusted to reflect the realities of the increase of ex-depot prices by PPMC.

He said, “However the magnitude of the increase, timing, and the location is a decision left to each company. Consistent with global best practices, MOMAN does not dictate prices to its members, as this would be anti-competition in a fully deregulated market.

“We welcome the government’s action in allowing the market to determine prices, as we believe it will prevent the return of subsidies, while allowing operators the opportunity to recover their costs.

“This will, in the long run, encourage investment and create jobs.”