Breaking: petrol pump fee reduced to N108, diesel N164
following removal of gas subsidy on top premium motor spirit (pms) in any other case called petrol, the petroleum products marketing company (ppmc) has introduced reduction within the ex-depot charge for petrol and automobile fuel oil (ago), in any other case called diesel. The brand new ex-depot charge for petrol is now n108 in keeping with litre for the month of might also while ex-depot rate for diesel is now n164 in step with litre for same month. In a memo to oil marketers and other stakeholders within the petroleum advertising and marketing commercial enterprise, dated may additionally 5, 2020, titled: ‘re: ppmc petroleum merchandise fees for might also 2020,’ the ppmc reduced the ex-depot fee for diesel to n164 in keeping with litre for depots in lagos and n166 in line with litre for depots in oghara, calabar, port harcourt, among others. The ppmc said in the memo that the brand new fees might take impact from might also 5, 2020. Confirming the brand new charge trade, the spokesman of nnpc, dr. Kenny obateru, said that the rate alternate for petrol from n113. 28 consistent with litre to n108 in line with litre is a marketing method to make more sales even as complying with the pppra fee template.
“we reviewed the ex-depot price to enable us make extra income. For in the past, it is a deregulated product and as such is its charges are decided through marketplace forces,” he said. The ex-depot price is the fee at which the depot proprietors sell the commodity to shops throughout the country. Though, the ppmc did not country the predicted open marketplace charge of the commodity, that’s the pump fee of the fee, however over the years, the difference between the ex-depot fee and the pump rate of petrol is generally round n9 according to litre. Because of this at an ex-depot price of n108 per litre, the pump fee of pms should be around n115 according to litre, n10 decrease than the contemporary maximum fee band of n125 according to litre. The cutting-edge retail fee of petrol is n123. 50 according to litre at nnpc shops and n125 in line with litre at non-public petrol stations, whilst diesel is bought around n200 in keeping with litre. It might be recalled that the nnpc gmd, mallam mele kyari, had announced that technology of gasoline subsidy is long past for all time currently.