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Marketers to sell petrol for N158 to N160 per litre

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By John Ofikhenua

Marketers would sell petrol for between N158 to N160 per litre, their National Vice President Abubakar Maigandi has stated.

Speaking with The Nation on phone, he said the announcement of N151.56 per litre the Pipeline Products Marketing Company (PPMC) made was the ex-depot price.

He said: “The N151.56 per litre that PPMC announced was the ex-depot price. It did not mention any dealer price what the marketers should sell as pump price.

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“Should the PPPRA or PPMC fail to direct us on how much to sell the petrol, we will instruct our marketers to sell it for between N158 to N160 per litre.”

The Pipeline and Products Marketing Company (PPMC) said the PMS is N156.61 per litre.

It was not specific whether it was the pump price or ex-depot price.

In a brief internal memo with ref: “PPMC /IB/LS/020, dated September 2, 2020, the company said “a new product price adjustment has been effected on our payment platform.

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“To this end the price of premium motor spirit (PMS) is now one hundred and fifty one naira, fifty six kobo (N151.61) per litre.”

The Head Depot Manager, D.O. Agbalaya, who signed the memo said “This is effective from 2nd September, 2020.”

The price of the Brent crude was $46 per barrel on Wednesday.

The marketers sold petrol for between N145.80 to N150 per litre in the month of August.

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The PPPRA had on August 4 approved an ex-depot price of N138.62 per litre for the Premium Motor Spirit (PMS ) petrol and kept the pump price to its chest.

The agency reviewed it upward by N6 from its previous N132.00 per litre of July.

The Federal Government based its hike on the increase in the prices of crude oil in the month of August.

The Brent Crude sold that for $43.24 per barrel in July rose to $44.03 per barrel in August.

It deregulated the product in March.

In July, the agency approved a pump price of a band of N140.80 to N143.80 per litre.

It was the first time that the agency approved a new price after the removal of petrol subsidy.

Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.

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