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

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...

President Trump vetoes congressional resolution limiting his military authority against Iran

President Trump vetoes congressional resolution limiting his military authority against Iran US President Donald Trump, has vetoed the Iran War Powers resolution agreed by the Senate and House of Representatives, calling it a "very insulting resolution" and argued the move of the Lawmakers was "based on misunderstandings of facts and law" in a statement. The bipartisan resolution was created to limit Trump's authority to use military force against Iran without congressional approval, after the President's decision to order a strike that killed Iranian commander Qasem Soleimani in January. Before a resolution is made a law in the US, the Senate, House of Reps have to vote on it, when an agreement is reached it is then sent to the White House for the President to sign. Presidents sometimes veto laws, but the US Senate must have over 2/3rds of votes to override a President's veto, a scenario unlikely to occur. Trump in a statement issued by the ...

Pompeo presses China but acknowledges ‘no certainty’ virus from lab

Pompeo presses China but acknowledges ‘no certainty’ virus from lab US Secretary of State Mike Pompeo on Wednesday renewed his widely contested charge that the coronavirus pandemic likely originated in a Chinese laboratory, but acknowledged there was no certainty. Pompeo renewed his call for global pressure on China to provide more data on the origins of the illness, which has killed more than 250,000 people worldwide and hobbled the global economy. “We don’t have certainty, and there is significant evidence that this came from the laboratory. Those statements can both be true,” the former CIA chief told reporters when pressed on his statements. “The American people remain at risk because we do not know … whether it began in the lab or whether it began someplace else,” he said. “There’s an easy way to find out the answer to that — transparency, openness — the kinds of things that nations do when they really want to be part of solving a global pandemic.” Pompeo ha...

Gtechone

Search This Blog