The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), the Petroleum Products Marketing Company (PPMC), has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N132 per litre to N138.62 per litre.
This was disclosed in a memo signed by Manager Sales, PPMC, Mohammed Bello, on Tuesday.
According to the memo, the new price would come into effect from today, August 5, 2020.
The PPMC 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 ex-depot price is the price at which depot owners sell the commodity to retail outlets.
With this development, it is expected that oil marketers would adjust their pump price to between N145 to N155 per litre.
In recent months, the Petroleum Products Pricing Regulatory Agency (PPPRA) has been announcing changes in pump price monthly but it is yet to publicise the guiding price of PMS for August 2020.