Filling stations in the country have adjusted their pump prices and now selling the product at between N150 and N162 per litre.
There has been speculation that the pump price of petrol would rise to N160 per litre as the Nigerian National Petroleum Corporation (NNPC) increased the price at which it sells the product to marketers from N138.62 per litre 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 litre, with marketers saying the product would be sold at between N158 and N162 per litre.
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, said on Thursday that pump prices would have to be adjusted to reflect realities of the increase of ex-depot prices by PPMC.
He said, “However the magnitude of the increase, timing and 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 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.”