Friday, September 30, 2022

Price Of Petrol Slashed, Set To Be Sold At N117 As New Pump Price

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Price of Premium Motor Spirit {PMS} at the ex-depot has been slashed to 108 per litre, this was announced in a memo from the Petroleum Products Marketing Company (PPMC) addressed to oil marketers and other stakeholders in the petroleum in the marketing business. Price of Petrol Slashed  The move which definitely reflects the drop in the price of oil, which is believed to affect the current selling price of PMS at pump price by the end of the week.

Though a new pump price has yet been agreed upon, however going by the recent history of the pump price in correspondence to the price of PMS at ex-depot the difference is usually around N9 per litre, which would mean the new pump price should be around N117 or thereabout. This is what has led to speculation of petrol selling for N117 by the end of the week.

A memo addressed to oil marketers and other stakeholders in the petroleum marketing business, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ also revealed that the PPMC slashed the ex-depot price of Automotive Gasoline Oil also known as diesel, to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.

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The Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Dr. Kennie Obateru said;

“The N108 new PPMC ex-depot price of PMS from N113.28 is a marketing strategy to make more sales while complying with PPPRA price template. We reviewed the ex-depot prices to enable us make more sales.
“For AGO, it’s a deregulated product and as such its prices are determined by market forces.”

Vanguard reported that the responsibility of fixing petroleum products prices lies solely with the Petroleum Products Pricing Regulatory Agency (PPPRA), but the agency is yet to release the pricing templates for May 2020, as against its promise that the templates would be released on a monthly basis, to serve as a guide for products pricing for each month. Photo Credit: Getty

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