BREAKING: Petrol Depot Price Reduced To N108, Diesel N164

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By Olatunde Dodondawa-Lagos On May 6, 2020
PETROL, filling stations
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Following removal of fuel subsidy on premium motor spirit (PMS) otherwise called petrol, the Petroleum Products Marketing Company (PPMC) has announced reduction in the ex-depot price for petrol and automotive gas oil (AGO), otherwise called diesel.

The new ex-depot price for petrol is now N108 per litre for the month of May while ex-depot price for diesel is now N164 per litre for same month.

In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, titled: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC reduced the ex-depot price for diesel to N164 per litre for depots in Lagos and N166 per litre for depots in Oghara, Calabar, Port Harcourt, among others.



The PPMC said in the memo that the new prices would take effect from May 5, 2020.

Confirming the new price change, the spokesman of NNPC, Dr. Kenny Obateru, stated that the price change for petrol from N113.28 per litre to N108 per litre is a marketing strategy to make more sales while complying with the PPPRA price template.

“We reviewed the ex-depot price to enable us make more sales. For AGO, it is a deregulated product and as such is its prices are determined by market forces,” he said.

The ex-depot price is the price at which the depot owners sell the commodity to retail outlets across the country. Though, the PPMC did not state the Expected Open Market Price of the commodity, which is the pump price of the price, but over the years, the difference between the ex-depot price and the pump price of petrol is usually around N9 per litre.


This means that at an ex-depot price of N108 per litre, the pump price of PMS should be around N115 per litre, N10 lower than the current highest price band of N125 per litre.

The current retail price of petrol is N123.50 per litre at NNPC Retail outlets and N125 per litre at private petrol stations, while diesel is sold around N200 per litre.

It would be recalled that the NNPC GMD, Mallam Mele Kyari, had announced that era of fuel subsidy is gone forever recently.



https://tribuneonlineng.com/breaking-petrol-depot-price-reduced-to-n108-diesel-n164/?

Good

Best news in this global pandemic era.

I pray DPR should go enforce it quickly because if it is for increment in pump price, those guys would not want to waste any time to implement it asap.

Still needs to be beaten down to meet with the present realities.

But will it reflect at the pumps?

Update us when it's 50 naira per litre.

GamalNasser:
But will it reflect at the pumps?

Definitely but Nigeria factor it may take some days though for dubious marketers to do that

What I noticed with Nigeria businessmen, if prices goes up, expect an instant price shift on all affected goods,even old stock. But of prices of goods dropped, I takes time for them to adjust the prices.
Why? Why would God be angry with them and their dishonest scales?!!

Story..

Let the price reduced further at normal fuel filling station

Removal of subsidy on oil and gas products? We’ll hear this again when the next president comes into office.

BTW The prices will go up again, wait till the world gets back to business...

sarrki:
Lalasticlala where @thou?

In his sleep, dreaming on how to move your topic to front page

Front page bikonu,haba,let the government lies and deceit be confirmed by people who have bought it at the new price.
Awon were eleponkan

socialmediaman:
Removal of subsidy on oil and gas products? We’ll hear this again when the next president comes into office.

BTW The prices will go up again, wait till the world gets back to business...

Till then

Keep quiet

Why are they not reducing the pump price of Kerosine

That one just dey on no leave no transfer .

Airforce1:
Why are they not reducing the pump price of Kerosine

That one just dey on no leave no transfer .

You still dey use kerosene?

Till it reflects on the gas metres, it is What it is... Audio removal.

Okoroawusa:

You still dey use kerosene?

Just my observation

And what if I dey use Kerosine ?

Airforce1:


Just my observation

And what if I dey use Kerosine ?

Good luck

Wow! Gradually gradually. Can someone tell me how this is working under PMB but doesn't work under GEJ?
God bless The Federal Republic of Nigeria and those citizens that meant good for her.

sarrki:



Definitely but Nigeria factor it may take some days though for dubious marketers to do that

how are you....??

I doubt this

Please get it right , deport price is different from pump price. Pump price is still N125


Ex depot price means the price depots sell to marketers before transporting to filling stations. The news never said the pump price is N108.

According to the statement, the pump price should be N115, not that FG made it N115.

It is an assumption on what the price should be and not what it will be.

There is no change in the current pump price yet according to the news.