Chinazor Megbolu |
From today, Nigerians will buy Premium Motor Spirit (PMS) otherwise known as petrol at N145 per litre, up from N143 it was being sold
The increase was sequel to the hike in the deposit prices of the product to N138.62. per litre.
The Federal Government through the Petroleum Products Marketing Company, (PPMC) on Wednesday made the announcement on the new regime of increment of Petroleum products for this month.
While the deposit price of PMS was increased to N138.62 per litre, that of Kerosene was hiked to N160 and diesel is set at N160 per litre in Lagos, while the Oghara depots price is set at N165 per litre.
Mr Mohammed Bello, the Sales Manager of the agency, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), while making the announcement in a statement he sighed, stated that five new price changes take effect from August 5, 2020.
Recall that in June, 2020, the PPPRA reduced the deposit petrol price to N121.50 per litre and set the retail price band between N140-N143 per litre
“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price with the corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per liter,” the agency had said.
The PPMC also hinted in the latest statement that the wholesale depot price would be sold to marketers at N113.70, while the retail prices were set at N138.62 per litre.
The statement indicated that fuel marketers are expected to adjust to the new changes by selling at N145 instead of the old price of N143.80 per litre before the new changes.
The prices of Petroleum products have been subjected to frequent changes according to the dictates of demand and supply since government claimed it has fully deregulated the down steam sector of the Petroleum industry following the removal of subsidy.
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