The ex-depot price of Premium Motor Spirit (PMS) was slashed to N108 per litre on Wednesday, May 6, by the Petroleum Products Marketing Company (PPMC).
The move which reflected a drop in the price of oil is also expected to result in a lower pump price at petrol stations by the end of this week.
Though a specific pump price has not been agreed, however in the last few years the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre. This has led to speculation of petrol selling for N117 by the end of the week.
The Group General Manager, Group Public Affairs Division of the Nigerian National Petroleum Corporation (NNPC), Dr Kennie Obateru said; “The N108 new PPMC ex-depot price of PMS from N113.28 is a marketing strategy to make more sales while complying with PPPRA price template. We reviewed the ex-depot prices to enable us to make more sales. For AGO, it’s a deregulated product and as such its prices are determined by market forces.”