Frenzy media reporting..
The Petroleum Products Marketing Company , an auxiliary of the Nigerian National Petroleum Corporation , has expanded the ex – stop cost of Premium Motor Spirit, otherwise called petroleum , to N 155. 17 for each liter from N 147. 67 for each liter .
The PPMC uncovered this in an inner update with reference number PPMC/C/MK/003 , dated November 11 , 2020 , and endorsed by Tijjani Ali .
The notice , a duplicate of which was seen by our journalist, said the new ex – terminal cost would produce results from Friday .
The ex – warehouse cost is the cost at which the item is sold by the PPMC to advertisers at the stops .
In its PMS value proposition for November , the PPMC put the arrival cost of petroleum at N 128 .89 for every liter , up from N 119 . 77 for every liter in September/October.
It said the assessed least siphon cost of the item would increment to N 161. 36 for every liter from N 153 . 86 for every liter .
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a phone meet with our journalist, said the over N 7 expansion in ex – station cost would convert into an increment in siphon costs .
He stated, ” The ramifications of the expansion in the ex – warehouse cost is that there will be an expansion in the siphon cost . We are expecting the siphon cost to go from N 168 to N 170 for each liter .
” Crude oil cost is going up, ” he said , taking note of that the Federal Government has completely liberated petroleum costs .
Following the liberation of petroleum costs in September , advertisers the nation over changed their siphon costs to between N 158 and N 162 for each liter to mirror the expansion in worldwide oil costs.
Petroleum value band had additionally ascended from N 121. 50 – N 123 .50 for every liter in June to N 140. 80 – N 143. 80 in July and N 148-N 150 in August .
The Minister of State for Petroleum Resources , Timipre Sylva, said in September that the public authority had ventured back in fixing the cost of petroleum , adding that market influences and raw petroleum cost would keep on deciding the expense of the item .