According to PPMC, the new price becomes effective from August 5, 2020.
The Petroleum Products Marketing Company, (PPMC), a downstream subsidiary of the Nigerian National Petroleum Corporation(NNPC) on Tuesday, fixed the ex-depot price of Premium Motor Spirit (PMS) also 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.
This was conveyed in a memo signed by its Manager, Sales, Mohammed Bello, in Abuja.
According to PPMC, the new price becomes effective from August 5, 2020.
Also, it 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 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 the ex-depot price for kerosene was put at N160 per litre.
It, however, did not reflect the price band for marketers but the development may further cause an increase in petrol pump price to between N145-N155 per litre.
In recent times, the ex-depot price per litre of petrol is normally around N15 lower than the pump price, allowing marketers to add other administrative costs such as transportation from depots to their retail outlets, among others.
The Petroleum Products Pricing Regulatory Agency, (PPPRA), however, is yet to publicise the guiding price of PMS for August 2020, fuelling speculations as to the actual amount the commodity would be sold.
