The downstream firm of the Nigerian National Petroleum Corporation, NNPC, the Petroleum Products Marketing Company, PPMC, fixed the ex-depot price of Premium Motor Spirit, PMS, better known as petrol, at N138.62 per litre.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets. In current times, the ex-depot price per litre of petrol is usually about N15 lower than the pump price, as the marketers would add cost of transporting the commodity from the depots to their retail outlets, additionally to other costs, such as marketers margin among others.
In a memorandum in Abuja, signed by Mohammed Bello, Manager Sales, the PPMC unveiled that the new price would come into force from August 5, 2020.
The PPMC 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.
The PPMC 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 put at N160 per litre.
From the preceding, it is probable that oil marketers would regulate their pump price to between N145 to N155 per litre.
Though, the agency burdened with the responsibility of announcing changes in fuel price or providing guidance on the new price, the Petroleum Products Pricing Regulatory Agency, PPPRA, declined to publicise the guiding price of PMS for August 2020, promoting speculations as to the actual amount the commodity would be sold.
