Wednesday, 05 August 2020 05:38

Consumers to pay more for petrol as ex-depot price rises by N6

Rate this item
(0 votes)

Petroleum Products Pricing Regulatory Agency (PPPRA) kept the petrol dealers guessing on Tuesday when it 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.

Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Mr Abubakar Maigandi, who spoke with journalists, said the agency raised the previous depot price for petrol from between N132 – N133 per litre by N6 per litre.

He said the agency has officially approved an ex-depot petrol price of N138.62 per litre for August.

A source, who was also part of the monthly meetings for the monthly prices review, said: “The agency did not come up with a new pump price. We are yet to know the new dealer prices.”

Meanwhile, a source from the PPPRA told our Abuja correspondent that Federal Government was silent on the dealer prices which may hit N145. 68 to N150 per liter because of the uprising it could trigger.

She said since the product has been deregulated, the government would not want to interfere with it or seen to be insensitive to the plights of the customers by announcing such a hike.

According to her: “The government is weighing the option of outright announcement of the increase of the dealer prices to a band of N150 per litre in the face of the current hardship.

“On the other hand, it has resisted the temptation of interfering with the market fundamentals which determine the price review.”

The source added the upward review followed the rise of crude oil prices in the international market.

Brent Crude that sold for $43.24 per barrel in July now sells for $44.03 per barrel.

In July, the agency had 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.

 

The Nation

May 03, 2024

Passion, freedom and impact: The 3 ingredients of business success

More than 10 years ago I founded my then "small" business that today has more…
May 01, 2024

Overwhelming majority of Nigerians have lost confidence in INEC, survey reveals

Yiaga Africa, a prominent election observation group, reveals in its latest report that only 23…
April 27, 2024

Adults are sharing the things they are no longer interested in now that they're older

It's natural for our preferences to change as we get older. So when asked, "What…
April 13, 2024

A new camera can undress people almost in real time—to send a message about AI

Nuca, a new deepfake camera, is an art project that shows how artificial intelligence can…
May 03, 2024

Two military officers face court martial over drone strike that killed 85 civilians in Kaduna

Nigeria's military has ordered two officers to face court martial proceedings over a drone strike…
May 03, 2024

Here’s the latest as Israel-Hamas war enters Day 210

Here's what's on the table for Israel and Hamas in the latest cease-fire talks Israel…
May 01, 2024

Wellspring Consulting proposes cybersecurity investment to boost Nigeria's economy

In a bid to rescue Nigeria from its economic challenges, Wellspring Consulting advocates for significant…
April 30, 2024

Finidi George is new Head Coach for Super Eagles

Former Nigerian winger Finidi George has been appointed as the head coach of the national…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Prof Wale Are Olaitan: Editorial Consultant; Femi Kawonise: Head, Production & Administration; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2024 NewsScroll. All rights reserved.