Ex-depot price of petrol remains stable despite fall in pump price

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Despite the slight reduction in the pump price of petrol by some oil marketers and the Nigerian National Petroleum Corporation (NNPC) in many retail outlets across the country, the ex-depot price of the product has remained stable, THISDAY reports.

It was also gathered that even though some marketers and the NNPC have reduced the pump price to N143, the new price is still within the official price range of N135 –N145 approved by the federal government on May 11, 2016. The market survey conducted at the weekend showed that all the 12 depots that had petrol in Lagos were selling at between N130.50 and N132. 50, which was the same price range before the NNPC and some marketers reduced the pump price from N145 to N143 per litre.

Investigation further showed that both the ex-depot price range and the N143 pump are still within the official range of prices recommended by the Petroleum Products Pricing Regulatory Agency (PPPRA) on May 11, 2016 when the N145 pump price took effect. Some marketers, who spoke at the weekend, however argued that N145 was not the only official pump price but the maximum limit, adding that unless the price goes down below the lower limit of N135 per litre, the country would not be able to celebrate any real drop in pump price.