The downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, the Petroleum Products Marketing Company, PPMC, has 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. 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.

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.

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 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.

From the foregoing, it is expected that oil marketers would adjust their pump price to between N145 to N155 per litre

Nbotee:
Wait ooo, if d PPMC still fixes depot price what den have d govt been making noise about completely allowing marketers fix price

dalongjnr:

[s]Whatever goes up, doesn't comes done. That's price control.[/s] Allowing these markets to do what they wanted is dangerous.

PrinceOfEast:
Who tell u this bullshit? U knw how many times fuel price don increase/decrease?

Even Ashawo price dey increase and decrease.

dalongjnr:

If ppmc, make a proclamation today that new pump price is #154, the marketers will not wait up to 24hrs to reflect the changes despite having an old stocks and reverse is the case in terms of price decrease.
More so, if they marketers are allowed free had, they will rob Nigerians by putting the price of products at will. We known how things operate in this country and the government doesn't want power crisis that's why marketers are not allowed free hands to determined prices of their goods.

Abouwaza:
PMB : petrol will be 1 naira per litre

dalongjnr:

Whatever goes up, doesn't comes done. That's price control. Allowing these markets to do what they wanted is dangerous.

dalongjnr:

Whatever goes up, doesn't comes done. That's price control. Allowing these markets to do what they wanted is dangerous.

Nbotee:
Wait ooo, if d PPMC still fixes depot price what den have d govt been making noise about completely allowing marketers fix price