Olaleye Idowu

Nigerians on social media have started narrating their ordeal essentially with the handlers and owners of filling station across the country immediately after the announcement of depot price hike flood social media handles.

The memo which was seen flooding social media handle stated “please be informed that a new product price adjustment has been effected on our payment platform, the N151.56 ex-depot price was announced in an internal memo to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka

The ex-depot price is the price at which the product is sold to marketers at the depots.

The pump price of the Premium Motor Spirit, also known as petrol, appears set to hit N160 per litre as the Nigerian National Petroleum Corporation has increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.

Narrating their ordeal, some Nigerians on social media claimed immediately the letter was sighted on social media handles,  many filling stations had adjusted their pump price N160 per litre, while some adjusted it a little bit down as low as N159 per litre.

Mr. Akinlade told our correspondent that Alimosho in lagos for instance had increase theirs, with heavy presence of queue around Egbeda, ipaja and command road.

Another handler, who simply puts his name as Kehinde sloppy, said this development will affect food stuffs negatively; unemployment is on the high side, not working at the moment, but the future is really not encouraging, power tariff is on the increase, every other things also in same line, may God Help us”

Ugochukwu ifeanyi ask weather Nigeria is actually the producing oil and the reason Nigerians are still suffering from what God has given them” poor management, corruption and money politics, is our problem, he said.

The Federal Government increased the petrol price a day after power distribution companies hiked electricity tariffs across the country.

Meanwhile oil marketer told journalist that going by the circulating ex-depot prices for petrol, the pump price for the commodity should hit between N160 to N162/litre.

They also stated that loading of products had stopped at some depots, as marketers were confused on which price to either buy or sell the commodity.

Up till 8pm on Wednesday, officials of the Independent Petroleum Marketers Association of Nigeria stated that no authentic communication had been received from either the PPPRA of the PPMC on the pump price or ex-depot price of petrol.

“Loading has stopped in some depots because of this confusion caused by the price modulation of guiding exercise introduced by the PPPRA and up till now we’ve not received any notice on either the ex-depot price or pump price,” the National Public Relations Officer of IPMAN, Ukadike Chinedu, stated.

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