Petrol: Ex-depot Price Rises By N6, Consumers To Pay More

The Petroleum Products Pricing Regulatory Agency on Tuesday increased the ex-depot price of petrol by N6 to N138.62/litre for the month of August 2020.

Oil marketers stated that based on the latest increase in ex-depot price, the pump price of Premium Motor Spirit, popularly called petrol, could be between N149/litre and N150/litre this month.

Their position confirmed the exclusive report of The Economic Confidential on Monday, which stated that the price of PMS could rise to N150/litre in August 2020 when the PPPRA releases the petrol price band for the month.

The Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, told our correspondent that the PPPRA, however, did not tell marketers the new pump price for petrol.

“They told us today (Tuesday) that the ex-depot price is now N138.62/litre but were silent on the pump price, and I think that by tomorrow (Wednesday) the pump price will be announced,” he said.

Maigandi added, “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.”

The previous ex-depot price, according to marketers, was between N132/litre and N133/litre.

The spokesperson of the PPPRA, Kimchi Apollo, did not answer calls when contacted on the matter on Wednesday evening, but had earlier told our correspondent that the agency had yet to complete its work on a new pump price for petrol.

The Economic Confidential exclusively reported on Monday that filling station owners were in panic buying mood, as many of them were stockpiling products ahead of the announcement of a new pump price for petrol in August.

Marketers and officials of the PPPRA stated that the rise in crude oil price in the international market could lead to an increase in petrol price.

They noted that since March this year, the cost of petrol had always been adjusted based on the global prices of crude.