A recent adjustment of the ex-depot price of petrol is set to brew a fresh increase in the pump price of the product.
IPMAN has disclosed that the oil marketers are looking forward to a downward review of the ex-depot price for October.
The price of rice is expected to increase as the festive period draws near.
The Pipeline and Product Marketing Company made the disclosure through an internal memo.
Kerosene would be sold for N160 at depots and diesel is set at N160 per litre in Lagos.
Lagos is listed as the state with the highest stock.
Any depot that sell fuel above the ex-depot price of N133.38 to petroleum marketers would be liable to three months closure and a fine of twenty...