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Fuel Price To Rise As PPPRA Increases Ex-depot Price By N6

The Petroleum Products Pricing Regulatory Agency (PPPRA) has increased the ex-depot price of Premium Motor Spirit, popularly known as petrol, by N6 to N138.62/litre for the month of August 2020.

The PPPRA communicated the price to oil marketers on Tuesday.

However, the agency did not announce the pump price for the month of August.

But speaking in an interview, Abubakar Maigandi, Vice President of the Independent Petroleum Marketers Association of Nigeria, noted that based on the latest increase in ex-depot price, the pump price of could be between N149/litre and N150/litre this month.

“They told us today (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,” Maigandi told the Punch.

“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.

The PPPRA had earlier noted that the cost of petrol had always been adjusted since March based on the global prices of crude oil.

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