In News by Oluwaseun Samuel on the 03rd, September, 2020

Filling Stations Alter Pump Costs, Promote Petrol At N162

Filling Stations Adjust Pump Prices, Sell Petrol At N162


Filling Stations Alter Pump Costs, Promote Petrol At N162

Lower than 24 hours after the rise within the ex-depot worth of Premium Motor Spirit (petrol) was introduced, some filling stations in Lagos and Ogun states have adjusted their pump costs, promoting the product at between N150 and N162 per litre.

PUNCH correspondent, who visited a number of filling stations alongside the Lagos-Ibadan Expressway, noticed that Fatgbems offered a litre of petrol at N162; NNPC, N160; and Mobil, N159.9.

Enyo offered the product at N159.9 per litre; Capital Oil and Fuel, N158; and Oando, N150.

It was earlier reported that the pump worth of PMS appeared set to hit N160 per litre because the Nigerian Nationwide Petroleum Company elevated the value at which it sells the product to entrepreneurs from N138.62 per litre to N147.67.


The Petroleum Merchandise Advertising Firm, a subsidiary of the NNPC had, on Wednesday, elevated the ex-depot worth of the PMS to N151.56 per litre, with entrepreneurs saying the product can be offered at between N158 and N162 per litre.

The ex-depot worth is the value at which the product is offered to entrepreneurs on the depots.

The Chairman, Main Oil Entrepreneurs Affiliation of Nigeria, Mr. Adetunji Oyebanji, informed our correspondent on Thursday that pump costs must be adjusted to replicate realities of the rise of ex-depot costs by PPMC.

He stated, “Nevertheless the magnitude of the rise, timing and site is a call left to every firm. According to world finest practices, MOMAN doesn’t dictate costs to its members, as this might be anti-competition in a totally deregulated market.

“We welcome authorities’s motion in permitting the market to find out costs, as we imagine it can forestall the return of subsidies, whereas permitting operators the chance to get well their prices.

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“This can, in the long term, encourage funding and create jobs.”

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