The federal government has fixed
the ex-depot price of premium motor spirit (PMS), also known as petrol, at
N138.62 litre.
The Petroleum Products Marketing
Company (PPMC) disclosed this in a memo in Abuja on Wednesday.
The memo, which was signed by
Mohammed Bello, manager, sales, PPMC, also disclosed that the new prices will
come into effect from August 5, 2020.
The ex-depot price is the price
at which depot owners sell the commodity to retail outlets. Marketers would
likely add cost of transporting the commodity from the depots to their retail
outlets, in addition to other costs, such as marketers’ margin, among others.
PPMC, which is the downstream
subsidiary of the Nigerian National Petroleum Corporation (NNPC), put the
ex-coastal price of the commodity, which is the price at which the product is
sold to depot owners, at N113.70 per litre.
It also put the ex-depot price
for automotive gasoline oil (AGO), also known as diesel, at N160 per litre and
N165 per litre for depots in Lagos and Oghara, respectively, while ex-depot
price for kerosene was put at N160 per litre.
Aforesaid, it is expected that
oil marketers would adjust pump price to between N145 and N155 per litre.
President Muhammadu Buhari had
approved a monthly review of petroleum products prices in line with the
international market prices since April following the impact the COVID-19
pandemic.
Also, the Petroleum Products
Pricing Regulatory Agency (PPPRA) recently announced total deregulation of
petrol pump price with the removal of fuel subsidy.
In July, the PPPRA recommended an
upward review of the retail pump price of petrol from the previous N121.50 to
between N140.80 and N143.80.
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