Petrol will sell for just below a hundred and sixty-two naira a litre at the station for the month of September according to BusinessDay investigations.
This is the price agreed by the marketers after a crucial meeting held earlier today between the regulator, PPMC and marketers and it came after PPMC set its ex-depot price at N147.67 a litre.
To arrive at the pump price, the marketers and dealers will add the following margins approved by the regulator PPPRA – N3.89 for national transportation allowance, NTA; N4.03 as wholesalers margin and N6.19 retailers margin.
The ex-depot price for PMS was announced in a statement issued earlier today by the PPMC which said the new price will take effect from Wednesday, September 2, 2020.
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The PPPRA position is contained in a memo released by the Pipelines and Product Marketing Company (PPMC) and signed by D.O Abalaka.
The PPMC memo signed by one D.O Abalaka reads, ‘’please be informed that a new product price adjustment has been effected on our payment platform. To this end, the price of premium motor spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56) per litre.’’
The Nigerian Government had in March said it would no longer subsidize petrol and that the pump price of petrol would be determined by market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.
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