Prices of petrol at filling stations across the are set to rise as the Petroleum Products Pricing Regulatory Agency (PPPRA) has jacked up N138.62 as ex-depot price for the Petroleum product by N6 per litre.
The new price was communicated to the stakeholders via a memo signed by Mohammed Bello, Manager Sales, the Petroleum Pipelines Marketing Company.
According to the memo, the new price regime will come into effect from August 5, 2020.
Maigandi said the PPPRA had approved an ex-depot N138.62 per litre price for this month.
Ex-depot price is the price at which depot owners sell to retailers who build in their transportation and other charges to arrive at the prices they sell at stations.
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.
The Federal Government had in March announced the deregulation of Petroleum Products, saying that from then prices of the product would market driven.
Major marketers complain about the role of PPPRA in setting the prices of the products under the regime of deregulation.
Under the new prices, marketers are expected to adjust their pump price to between N145 to N155 per litre.
The PPPRA however did not publicise the guiding price of PMS for August 2020, fuelling speculations as to the actual amount the commodity would be sold.
Reports indicate that many filling stations in Lagos were shut on Tuesday in anticipation of the price hike.
