Why we approved ‘slight increase’ in petrol price — NNPC

THE Nigerian National Petroleum Corporation (NNPC) has disclosed the reason for what it described as “slight increase” in the ex-coastal price and ex-depot price of Premium Motor Spirit, popularly known as petrol.

The corporation made the disclosure on Friday in a statement issued by its spokesman, Kennie Obateru.

According to Obateru, the “slight increase” in the price of petrol is due to the fluctuating realities of demand and supply.

He noted that the correct prices, as seen on the Pipelines and Product Marketing Company’s online portal for procurement of petroleum products are: N128 for Ex-Coastal Price and N153.17 and Ex-Depot Price (with collection).

Obateru advised petrol marketers to make their purchases through “the online PPMC platform at the recommended prices.”
He added that ex-coastal and ex-depot prices are expected to impact on pump prices nationwide.

The increase in petrol rice to 170/litre has attracted backlash from groups and prominent individuals in the country.

The main opposition party, the People’s Democratic Party (PDP), has described the decision as “wicked and unbearable” adding that there is no justification for the increase by the Buhari administration, which PDP said, is “bent on fleecing Nigerians.”