Oil marketers are expected to adjust their pump price to between N145 to N155 per litre as 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, marketers on the other hand would factor the additional cost of transporting the commodity from the depots to their retail outlets, and also other costs, such as marketers margin among others.
In recent times, the ex-depot price per litre of petrol is normally around N15 lower than the pump price. In a memo issued yesterday and signed by Mohammed Bello, Manager Sales, the PPMC disclosed that the new price would come into effect from August 5, 2020.
The PPMC also put the Ex-depot price for AGO, also known as diesel, at between N160 – N165 per litre, for depots in Lagos and Oghara respectively, while ex-depot price for kerosene was pegged at N160 per litre.