Filling stations now sell petrol at N162
Less than a day after the increase in Premium Motor Spirit (petrol) prices were announced, some filling stations in Lagos and Ogun states have adjusted their pump prices, selling the product at between N150 and N162 per litre.
A Punch Newspaper correspondent, who visited several filling stations along the Lagos-Ibadan Expressway, observed that Fatgbems Filling Station sold a litre of petrol at N162; NNPC, N160; and Mobil, N159.9. Enyo Filling Station sold the product at N159.9 per litre; Capital Oil and Gas, N158; and Oando, N150.
The Petroleum Products Marketing Company (PPMC), formally raised the ex-depot prices of the PMS to N151.56 per litre, with marketers saying the product would be sold at between N158 and N162 per litre.
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.