Fuel Now Selling Between N159 To N162 While Markers Adjusted Their Fuel pump Price

Less than 24 hours after the Petroleum Products Marketing Company (PPMC) announced an increase in the ex-depot price of petrol, petroleum marketers in the country have adjusted their display boards.

Checks by TheCable on Thursday showed that there is no uniform price amongst retailers as prices ranged from N159 per litre to N162 per litre.

On Wednesday, the PPMC announced that the ex-depot price of petrol has been adjusted from N138.62 to N151.56 per litre.

The ex-depot price is the price at which petroleum products are sold to marketers at depots.

Marketers are expected to then add their profit margin to the ex-depot price and determine the retail price.

The federal government, in March, announced that the Nigerian National Petroleum Corporation (NNPC) would no longer absorb under-recovery costs and petrol prices would be subject to the market realities.

Since then, the retail and ex-depot price has been adjusted based on recommendations from the Petroleum Products Pricing Regulatory Agency (PPPRA).

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