The Petroleum Products Marketing Company (PPMC) has fixed the ex-depot price for Premium Motor Spirit also known as petrol at 138 naira 62 kobo per litre.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets. In recent times, the ex-depot price per litre of petrol is normally around N15 lower than the pump price, as the marketers would add cost of transporting the commodity from the depots to their retail outlets, in addition to other costs, such as marketers margin among others
According to a memo issued signed by Mohammed Bello, Manager Sales, by the PPMC, a downstream subsidiary of the Nigerian National Petroleum Corporation, the new price will take effect from today August 5, 2020.
The memo states that the latest price which is what depot owners sell to retail outlets will reflect in the monthly pump pricing modulation for petroleum products this month.
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The PPMC also put the ex-coastal price for the commodity at 113 naira 70 kobo, while the ex-depot price for diesel and kerosene stands at 160 naira per litre.
From the foregoing, it is expected that oil marketers would adjust their pump price to between N145 to N155 per litre.
However, the agency saddled with the responsibility of announcing changes in fuel price or providing guidance on the new price, the Petroleum Products Pricing Regulatory Agency, PPPRA, had refused to publicise the guiding price of PMS for August 2020, fuelling speculations as to the actual amount the commodity would be sold.
