Nigerian National Petroleum Corporation (NNPC), downstream subsidiary, Petroleum Products Marketing Company (PPMC), has fixed the ex-depot price of premium motor spirit (PMS), known as petrol at N138.62 per litre.
In a memo signed by its manager, sales, Mohammed Bello, in Abuja, on Tuesday, the ex-depot price is the price at which depot owners sell the commodity to retail outlets. It said that that the new price would come into effect from Aug. 5.
The PPMC also put the ex-coastal price of the commodity, which is the price at which the product is sold to depot owners, at N113.70 per litre.
The ex-depot price for automotive gasoline oil (AGO), also known as diesel, was fixed at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.
It further fixed the ex-depot price for kerosene at N160 per litre.
The pricing modulation determines the pump price that the products will be sold to motorists.
By Peace Obi
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