The federal government has fixed the ex-depot price of premium motor spirit (PMS), also known as petrol, at N138.62 liter.
The Petroleum Products Marketing Company (PPMC) disclosed this in a memo in Abuja on Wednesday.
The memo, which was signed by Mohammed Bello, manager, sales, PPMC, also disclosed that the new prices will come into effect from August 5, 2020.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets. Marketers would likely add the cost of transporting the commodity from the depots to their retail outlets, in addition to other costs, such as marketers’ margin, among others.
PPMC, which is the downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), 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 liter.
It also put the ex-depot price for automotive gasoline oil (AGO), also known as diesel, at N160 per liter and N165 per liter for depots in Lagos and Oghara, respectively, while the ex-depot price for kerosene was put at N160 per liter.
Aforesaid, it is expected that oil marketers would adjust pump price to between N145 and N155 per liter.
President Muhammadu Buhari had approved a monthly review of petroleum product prices in line with the international market prices since April following the impact of the COVID-19 pandemic.
Also, the Petroleum Products Pricing Regulatory Agency (PPPRA) recently announced the total deregulation of the petrol pump price with the removal of fuel subsidy.
In July, the PPPRA recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.80 and N143.80.