Fuel scarcity looms in Lagos, Ogun as Nigeria hikes Petrol Ex-depot price by N5.32 per litre

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Fuel scarcity looms in Lagos, Ogun as Nigeria hikes Petrol Ex-depot price by N5.32 per litre
 


Peter Olaniyi    |    

There is palpable fear of  fuel scarcity in the country as many petrol stations yesterday shutdown their operations in Lagos and Ogun states environs due to the recent increase in the price of Premium Motor Spirit (PMS) also known as petrol

Our reporter who went round the city discovered that many petrol filling stations in the city have refused to sell while others were closed even before the announcement of the increment

Earlier yesterday Nigeria, Africa’s biggest crude oil exporter, has hiked the ex-depot price for Premium Motor Spirit (PMS) also known as petrol by N5.32 per litre.

The country’s Pipelines and Products Marketing Company (PPMC), which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), approved the new ex-depot price for petroleum products for the month of August in a memo released to all depots and marketers.

Ex-depot price is the price that the product is sold at the depot for marketers.  It largely determines the price of the product at filling stations.

The memo dated August 4 and signed by Mohammed S. Bello on behalf of the PPMC indicated that from Wednesday, August 5, Premium Motor Spirit, PMS popularly known as petrol from ex-coastal transfer point would be N113.70, while from ex-depot will cost N138.62 per litre.

The ex-depot price as at July price band released by the Petroleum Products Pricing Regulating Agency (PPPRA), another agency of government preoccupied with pricing regulation, was N133.30 per litre.

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