Skip to main content

Petrol to sell at N117 per litre as PPMC slashes ex-depot prices

Petrol to sell at N117 per litre as PPMC slashes ex-depot prices

Petrol to sell at N117 per litre as PPMC slashes ex-depot prices
The ex-depot price of Premium Motor Spirit (PMS) was slashed to N108 per litre on Wednesday May 6, by the Petroleum Products Marketing Company (PPMC).

The move which reflected a drop in the price of oil, is also expected to result in a lower pump price at petrol stations by end of this week.

Though a specific pump price has not been agreed, however in the last few years the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre. This has led to speculation of petrol selling for N117 by the end of the week. 

A memo addressed to oil marketers and other stakeholders in the petroleum marketing business, with the subject: ‘Re: PPMC Petroleum Products Prices for May 2020,’ also revealed that the PPMC slashed the ex-depot price of Automotive Gasoline Oil also known as diesel, to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.

The Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Dr. Kennie Obateru said; 

“The N108 new PPMC ex-depot price of PMS from N113.28 is a marketing strategy to make more sales while complying with PPPRA price template. We reviewed the ex-depot prices to enable us make more sales.
“For AGO, it’s a deregulated product and as such its prices are determined by market forces.”

Vanguard reported that the responsibility of fixing petroleum products prices lies solely with the Petroleum Products Pricing Regulatory Agency (PPPRA), but the agency is yet to release the pricing templates for May 2020, as against its promise that the templates would be released on a monthly basis, to serve as guide for products pricing for each month. 

Comments

Popular posts from this blog

See how Tinubu reacts to #EndSARS protests, says police reforms has begun

 See how Tinubu reacts to #EndSARS protests, says police reforms has begun National leader of the All Progressives Congress (APC) Bola Tinubu has said the protest against police brutality in Nigeria is within the constitutional right of Nigerians. “Asiwaju Tinubu believes in the right of Nigerians to freedom of expression, assembly, and protest where and when necessary, he has always canvassed the need for people to explore peaceful channels to ventilate their views and demands,” Tinubu said in a statement by his media aide Tunde Rahman. “He believes the #EndSARS protesters have made their demands, which the Federal Government is studying.” Tinubu’s statement comes after being alleged of being one of the sponsors of the ongoing nationwide protest against brutality, extortion, harassment and extrajudicial killing by police personnel. The Cattle’s Breeders Association known as Miyetti Allah had earlier accused Tinubu of using the protest to distort the administration of President Muh...

Trump backtracks on scrapping of White House coronavirus task force

Trump backtracks on scrapping of White House coronavirus task force President Donald Trump on Wednesday appeared to backtrack on plans announced the previous day to shut down the task force advising him on the coronavirus pandemic. The White House’s earlier suggestion that the high-level team could close around the start of June was Trump’s latest signal that he thinks it’s time to move on from the health crisis and reopen the economy. But in a series of tweets Wednesday, he said the task force had been so successful that it “will continue on indefinitely with its focus on SAFETY & OPENING UP OUR COUNTRY AGAIN.” The president, however, said that he could “add or subtract people” to the group, which suggested the situation remained fluid. Vice President Mike Pence, who heads the task force, said Tuesday he was “starting to look at the Memorial Day window, early June window” for shutting it down. That holiday falls on May 25. The coronavirus task force has spearheaded...

Operators seek tax holiday, subsidy to save airlines

Operators seek tax holiday, subsidy to save airlines Worried by the fate that awaits local carriers, operators yesterday, appealed to the Federal Government to introduce some economic recovery measures to safeguard airlines from collapse.    The operators, currently burdened by recurrent costs, are seeking aviation intervention fund at an interest rate of not more than five per cent. They suggested that government could take a cue from the American model of offering 50 per cent funding and grants, and 50 per cent palliatives through waivers and suspension of taxes, levies and fees among others.     Besides, they called for the implementation of President Muhammadu Buhari’s Executive Order on Removal of Value Added Tax (VAT) from all forms of transportation; as domestic airlines are still the only forms of transportation paying VAT.    The current restriction of both local and foreign commercial flight services has forced domestic carriers into fin...