Petroleum price increase looms, depot price now N138.62 per litre

There are indications that Nigerians may pay higher for the purchase of premium motor spirit in the month of August, SGTV gathered.

Analysts believe pump price may witness an increase from N140.80-N143.80 per litre to N147.40-N150.40.

This is following the announcement of a new Ex-Depot price of N138.62 per litre by the PPMC.

A release signed on Tuesday by the Independent Petroleum Marketers Association of Nigeria (IPMAN) LSD said the PPPRA was yet to ratify the new depot price.

 

The statement read,

 

NEW EX-DEPOT PRICE!

Please be informed that PPMC Management at the depot just gave us the Ex-Depot price of PMS for the Month of August as N138.62 per litre. 

“Kindly note that PPPRA has not announced the Pump price yet. Thanks”. 

The Petroleum Products Pricing Regulatory Agency (PPPRA) had announced a new retail price for petrol for the month of July which varied between N140.80 and N143.80 per litre price band.

The new price arrangement replaced the previous price band of N121.50 and N123.50 per litre announced by the agency for June 2020.

“After a review of the prevailing market fundamentals in the month of June, and considering marketers’ realistic operating costs as well as practicable, we (PPPRA) wish to advise a new PMS (premium motor spirit) pump price band of N140.80-N143.80 per litre for the month of July 2020 the new retail price band for premium motor spirit (PMS), popularly called petrol, for June 2020.

“Kindly note that the ex-depot price for collection includes the statutory charges of bridging fund, marine transportation average, National Transport Allowance (NTA) and administrative charge. All marketers are advised to operate within the indicative prices as advised by the PPPRA” it said.

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