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Petrol may sell for N150/litre as FG raises ex-depot cost to N138

By Obas Esiedesa

The Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the cost at which filling stations purchase petrol from depots by N6 to N138.62/litre.

At that cost, retailers are likely to jack up the pump price from the current N143.80 to about N150/litre for the month of August.

The Federal Government had in March declared that it would no longer subsidize the cost of petrol following huge fall in government revenue.

Since then, the PPPRA has issued what it calls monthly advisory to marketers on the price of the product.

The agency in an internal memo on Tuesday raised the ex-depot price to N138.62/litre but was silent on the expected pump price band advisory.

It had two weeks ago denied that it was responsible for fixing the price of the product, saying the price was determined by price of crude oil at the international market and the cost of transportation, amongst others.

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

“They told us 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.

Written by ExpressDay

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