JUST IN: Petrol price increased

Petrol price has increased by ex-depot price.

Onyxnews Nigeria reports that the Petroleum Products Pricing Regulatory Agency on Tuesday inflated the ex-depot price of petrol by N6 to N138.62/litre for the month of August 2020.

This reliable online news platform gathered that oil marketers stated that based on the latest increase in ex-depot price, the pump price of Premium Motor Spirit, popularly known as petrol, could be between N149/litre and N150/litre this month.

Their position confirmed the exclusive report of The PUNCH on Monday, which stated that the price of PMS could rise to N150/litre in August 2020 when the PPPRA releases the petrol price band for the month.

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

“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,” 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.

The spokesperson of the PPPRA, Kimchi Apollo, did not respond when contacted on the matter on Wednesday evening but had earlier told our correspondent that the agency had yet to complete its work on a new pump price for petrol.

“Filling station owners were reported to be in panic buying mood, as many of them were stockpiling products ahead of the announcement of a new pump price for petrol in August”, Punch stated this in an exclusive report.

Marketers and officials of the PPPRA stated that the rise in crude oil prices in the international market could lead to an increase in the petrol price.

They noted that since March this year, the cost of petrol had always been adjusted based on the global prices of crude.