The Pipelines and Products Marketing Company (PPMC) has hiked the ex-depot price for Premium Motor Spirit (PMS) also known as petrol by N5 per litre.
The company, which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), approved the new ex-depot price for petroleum products for the month of August in a memo to all depots and marketers sighted by New Telegraph.
The memo, dated August 4 and signed by Mohammed S. Bello on behalf of the company, indicated that from Wednesday, August 5, Premium Motor Spirit (PMS), popularly known as petrol, from ex-coastal transfer point would be N113.70, while from ex-depot it will cost N138.62 per litre.
The ex-depot price as at July price band released by the Petroleum Products Pricing Regulating Agency (PPPRA), another agency of government preoccupied with pricing regulation, was N133 per litre.
While PPPRA is yet to release its August price advisory, as it does monthly since April, the PPMC sent a memo advising marketers on the ex-coastal price and ex-depot price for the product.
It will be recalled that petrol is currently selling at N143.80 per litre at retail stations and an increase in ex-depot price will definitely affect the new price.
President Muhammadu Buhari had approved a monthly review of prices of petroleum products in line with international market prices since April following the impact of the COVID-19 pandemic which saw international crude oil prices crashing.
The PPPRA had recently announced a total deregulation of the petrol pump price with the removal of fuel subsidy.