In Abuja, the Nigerian National Petroleum Company Limited (NNPCL) has raised the price of PMS to N617 per litre. This adjustment was observed at NNPCL filling stations in Ushafa and one of their mega stations at Durumi in the Federal Capital Territory. The increase follows a rise in the ex-depot price and the purchase of new stock. In a conversation with BusinessDay in June, Mike Osatuyi, the national operations controller of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that prices would further increase due to the ex-depot price hike. The ex-depot price is the cost at which marketers purchase products at the depot, which influences the selling price to motorists. Osatuyi mentioned that ordering a truck now would cost around N21.8 million, and they plan to increase it by more than N500 due to the higher purchase cost. The price increase will impact locations such as Lagos, Rivers, Imo, Abeokuta, with current prices listed as N488, N511, N515, and N500 respectively, according to the Nigerian National Petroleum Company Limited (NNPCL)’s price update.
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