Federal government change the amount of petroleum,you won't believe the amount

The federal government has fixed the ex-depot price of premium motor spirit (PMS), also known as petrol, at N138.62 litre.

The Petroleum Products Marketing Company (PPMC) announce this in a memo in Abuja on Wednesday.

The memo, which was signed by Mohammed Bello, manager, sales, PPMC, also disclosed that the new prices will come into effect from August 5, 2020.

The ex-depot price is the price at which depot owners sell the commodity to retail outlets. Marketers would likely add cost of transporting the commodity from the depots to their retail outlets, in addition to other costs, such as marketers’ margin, among others.

PPMC, which is the downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), 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.

Also, the Petroleum Products Pricing Regulatory Agency (PPPRA) recently announced total deregulation of petrol pump price with the removal of fuel subsidy.

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