Echotitbits – Nigeria News

Tag: Petrol

  • Petrol: PPMC fixes ex-depot price at N138.62 per litre

    Petrol: PPMC fixes ex-depot price at N138.62 per litre

    The downstream subsidiary of Nigerian National Petroleum Corporation (NNPC) otherwise called Petroleum Products Marketing Company (PPMC), has fixed the ex-depot price of premium motor spirit (PMS) also known as petrol at N138.62 per litre.

    PPMC, in a memo by its Manager, Sales, Mohammed Bello, in Abuja on Tuesday, said the new price would come into effect from August 5.

    The ex-depot price is the price at which depot owners sell the commodity to retail outlets.

    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, besides, fixed the ex-depot price for kerosene at N160 per litre.

    News Agency of Nigeria (NAN) reported that the Petroleum Products Pricing for Regulatory Agency (PPPRA) was yet to release the monthly pricing modulation for petroleum products for August.

    The pricing modulation would determine the pump price that the products would be sold to motorists.

    Some analysts have, however, speculated that Nigerians may pay N150 or more per litre of petrol for the month of August.

    Idowu Sowunmi

  • FG increases price of petrol to N143 amidst “toxic fuel” importation claim

    FG increases price of petrol to N143 amidst “toxic fuel” importation claim

    The Federal Government has increased the pump price of Premium Motor Spirit (PMS), also known as petrol from N140.80 to N143.80 per litre.

    This increment was disclosed in a statement released on Wednesday by the Executive Secretary, Petroleum Products Pricing Regulatory Agency (PPPRA), Abdulkadir Saidu.

    “After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80 – N143.80 per litre for the month of July 2020,” the statement read.

    “All marketers are advised to operate within the indicative prices as advised by the PPPRA.”

    In April, the Federal Government had announced a reduction of the petrol pump to N123.50 per litre.

    This upward review in petrol price comes only hours after a UK based newspaper, The Guardian revealed that the petrol that Nigeria buys from Europe is dirty and harmful.

    According to laboratory analysis: “Black market fuel made from stolen oil in rudimentary “bush” refineries hidden deep in the creeks and swamps of the Niger Delta is less polluting than the highly toxic diesel and petrol that Europe exports to Nigeria”, the newspaper reported.