The pump price of Premium Motor Spirit (PMS) may increase in the coming days following the ex-depot price increase announced by the Petroleum Products Pricing Regulatory Agency (PPPRA) on Tuesday, August 4.
The ex-depot price determines the cost of lifting the product; from the Nigerian National Petroleum Corporation (NNPC) by depot owners and terminal operators.
This pronouncement by the PPPRA means the product ex-depot has increased to N138.62 per litre for August.
The implication is that the product pump price will be between N149 and N150 per litre for this month.
Abubakar Maigandi, the Vice- President of Independent Petroleum Marketers Association of Nigeria (IPMAN), told journalists that PPPRA has not informed the markets on the new retail price despite the increase in the ex-depot price.
He said: “PPPRA told us today (Tuesday) that the ex-depot price is now N138.62/litre; but was silent on the pump price. I think that by tomorrow (Wednesday) the pump price will be announced.
“With the N6/litre increase in ex-depot price; the projection is that the pump price will be around N149/litre or N150/litre, based on our usual computations.”
Until the new price shift, the ex-depot price was between N132 and N133 per litre.
The PPPRA spokesperson, Kimchi Apollo, had earlier told journalists the price regulator has not taken a decision on the new pump price.
Meanwhile, the Minister of Information and Culture, Lai Mohammed, on Tuesday, August 4, said the Federal Government (FG) had raised the fine for hate speech from N500,000 to N5 million.
Mohammed made this assertion while unveiling the Reviewed Broadcasting Code in Lagos.
The Minister said the FG had mandated broadcast stations to devote more time for public education on emergencies; such as the COVID-19 pandemic.
He said the federal government had amended the broadcasting code; adding that the amendments were necessitated by a presidential directive for an inquiry into the regulatory role of the National Broadcasting Commission (NBC); as well as the conduct of the various broadcast stations before, during and after the 2019 general election.