The FG has reduced the price of premium motor spirit (PMS), otherwise known as petrol, to N138.62 per litre.
The Petroleum Products Marketing Company (PPMC) revealed through a memo in Abuja on Wednesday 5th of August 2020.
Mohammed Bello signed the memo and also said that the new price will be effected starting from Wednesday 5th of August 2020.
The depot owners still sell to the retail outlets at the price of the ex-depot price, although marketers would likely add the cost of delivering the petroleum from the depots to the retail outlets, including some other cost such as marketer’s margin as so on and so forth.
PPMC has put the price at which the product is sold to the depot owners, at N113.70 per litre while the price of the Automobile Gasoline Oil (AGO), otherwise known as diesel, at N160 per litre and N165 per litre for depots that are located in Lagos and Oghara, in which the price of kerosene is pegged at N160 per litre.
Meanwhile, oil marketers would pegged the pump price in between N145 to N155 per litre.
In July, the PPPRA had reviewed the retail pump price of PMS from the previous N121.50 to be in between N140.80 and N143.80
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