The federal government has fixed ex-depot price of petroleum at N138.62, an increase of N6 from its previous N132 – N133.
This means a litre of petrol may be increased from N143 to N149.
The Petroleum Products Pricing Regulatory Agency (PPPMC disclosed this in a memo entitled ‘PPMC Petroleum Products Prices for August 2020’ signed by its sales manager, Mr. Mohammed Bello, in Abuja, on Tuesday.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets.
He said the new price would come into effect from August 5.
The PPMC also put the ex-coastal price of the commodity, which is the price at which the product is sold to depot owners, at N113.70 per litre.
The ex-depot price for automotive gasoline oil (AGO), also known as diesel, was fixed at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.
It further fixed the ex-depot price for kerosene at N160 per litre.
The pricing modulation determines the pump price that the products will be sold to motorists.