Business
Hike in petrol pump price imminent as PPPRA increases ex-depot price by N6
The pump price of Premium Motor Spirit (PMS) is expected to go up in the coming days following the hike in the product the ex-depot price by N6.
The ex-depot price determines the cost of lifting the product from the Nigerian National Petroleum Corporation (NNPC) by depot owners and terminal operators.
Following the increase announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Tuesday, the product ex-depot has increased to N138.62 per litre for August.
The implication is that the product pump price will be between N149 and N150 per litre for this month.
Read also: Nigerian govt reduces petrol pump price to N121.5
The Vice- President of Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, told journalists that PPPRA has not informed the markets on the new retail price despite the increase in the ex-depot price.
He said: “PPPRA told us today (Tuesday) that the ex-depot price is now N138.62/litre but was silent on the pump price. I think that by tomorrow (Wednesday) the pump price will be announced.
“With the N6/litre increase in ex-depot price, the projection is that the pump price will be around N149/litre or N150/litre, based on our usual computations.”
Until new price shift, the ex-depot price was between N132 and N133 per litre.
The PPPRA spokesperson, Kimchi Apollo, had earlier told journalists the price regulator has not taken a decision on the new pump price.
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