The Pipelines and Products Marketing Company, PPMC which is a subsidiary of the Nigerian National Petroleum Corporation, NNPC has approved the ex-depot price for petroleum products for the month of August.
The memo to oil marketers seen by ait.live indicates that from Wednesday, August 5, Premium Motor Spirit, PMS popularly known as petrol from ex-coastal transfer point will be N113.70, while from ex-depot it will cost N138.62 per litre. It will be recalled that petrol is currently selling at N143.80 per litre.
President Buhari had approved a monthly review of prices of petroleum products in line with international market prices since April following the impact of Covid-19 pandemic. The Petroleum Products Pricing Regulatory Agency, PPPRA had recently announced total deregulation of petrol pump price with the removal of fuel subsidy.