Petroleum Products Marketing Company, PPMC, a subsidiary of the NNPC has increased the retail pump price for petrol to N138.62 for August.
The PPMC announced this in a statement viewed by Nairametrics and signed by the Manager of Sales, Mohammed Bello on Wednesday morning and says the new price changes would be effective from the 5th of August.
READ: NNPC releases audited financial statements, refineries record losses of N154 billion
Backstory:
In June, Nairametrics reported that the Petroleum Products Pricing Regulatory Agency (PPPRA) reduced petrol price to N121.50 per litre.
“After a review of prevailing market fundamentals in the month of May and considering marketers realistic operating costs as much as practicable, we wish to advise of a new PMS guiding pump price with the corresponding ex-depot price for the month of June 2020, as follows; price band N121.50 – N123.50 per liter,” the body had said.
READ MORE: Reps to investigate alleged illegal withdrawal of $1.05 billion from NLNG account
The PPMC also disclosed in today’s statement that the wholesale depot price would be sold to marketers at N113.70, while the retail prices were set at N138.62 per litre.
However, fuel marketers are expected to adjust to the new changes by selling at N145, as the price of petrol is being sold at N143.80 per litre before the new effective changes.
READ MORE: Investors are now rushing into Ethereum, as gains surge by 262% in 4 months
Other price announcements include Kerosene which would be sold for N160 at depots and diesel, which is set at N160 per litre in Lagos while at the Oghara depots it would be sold at N165 per litre.
