The Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, has fixed the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, at N138.62 per litre.
This ex-depot price that is now being fixed is the price at which depot owners will henceforth sell the commodity to retail outlets.
Though recently, the ex-depot price per litre of petrol is normally around N15 lower than the pump price, as the marketers would add the cost of transporting the commodity from the depots to their retail outlets, in addition to other costs.
The PPMC disclosed this in a memo signed by Mohammed Bello, Manager Sales, in Abuja. They have stated that the new price would come into effect from August 5, 2020.
In the memo, the PPMC also stated that the ex-coastal price of the commodity, which is the price at which the product is sold to depot owners, is now at N113.70 per litre.
The PPMC further stated that the ex-depot price for Automotive Gasoline Oil, AGO, also known as diesel, is at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.
Meanwhile, the ex-depot price for kerosene was put at N160 per litre. Henceforth, it is expected that oil marketers would adjust their pump price to between N145 to N155 per litre.
However, the Petroleum Products Pricing Regulatory Agency, PPPRA, which is saddled with the responsibility of announcing changes in fuel price, failed to publicise the new guiding price of PMS for August 2020, fuelling speculations as to the actual amount the commodity would be sold.