Nigerians are set to pay more for petrol as the Petroleum Products Pricing Regulatory Agency (PPPRA) has approved N138.62 as ex-depot price for a litre of Premium Motor Spirit (PMS), also known as petrol.
In a memo in Abuja, signed by Mohammed Bello, Manager Sales, the PPMC disclosed that the new price would come into effect from August 5, 2020.
According to Maigandi, the agency has approved an ex-depot N138.62 per litre price for this month.
The National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, confirmed last night that the PPPRA raised the depot price from N132/N133 per litre by N6 per litre.
The PPMC also 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 was put at N160 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.
Many filling stations in Lagos were shut on Tuesday in anticipation of the price hike.
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.
