The downstream subsidiary of the Nigerian National Petroleum Corporation, NNPC, the Petroleum Products Marketing Company PPMC, has fixed the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, at N151.56 per litre.
In an internal memo signed by the depot manager D. O Abalaka on Wednesday 2 September 2020 sighted by newspot spoke about the nee products adjustment.
The memo reads:
The ex-depot price is the price at which depot owners sell the commodity to retail outlets. In recent times, the ex-depot price per litre of petrol is normally around N15 lower than the pump price, as the marketers would add cost of transporting the commodity from the depots to their retail outlets.