The Petroleum Products Pricing Regulatory Agency has increased the ex-depot price of petrol by N6 to N138.62/litre for the month of August 2020.
Oil marketers stated that based on the latest increase in ex-depot price, the pump price of Premium Motor Spirit, popularly called petrol, could be between N149/litre and N150/litre this month.
The Vice President, Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, revealed that the PPPRA, however, did not tell marketers the new pump price for petrol.
“They told us today (Tuesday) that the ex-depot price is now N138.62/litre but were silent on the pump price, and I think that by tomorrow (Wednesday) the pump price will be announced,” he said.
Maigandi added, “With the N6/litre increase in ex-depot price, the projection is that the pump price will be around N149/litre or N150/litre, based on our usual computations.”
The previous ex-depot price, according to marketers, was between N132/litre and N133/litre.
Marketers and officials of the PPPRA stated that the rise in crude oil price in the international market could lead to an increase in petrol price.
They noted that since March this year, the cost of petrol had always been adjusted based on the global prices of crude.