Economy

EPRA Slashes Petrol, Diesel and Kerosene Price

EPRA Slashes Petrol, Diesel and Kerosene Price”

"We are expecting the pump price to range from N168 to N170 per litre", the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, told Punch.

The ex-depot price is the price at which depot owners sell the commodity to retail outlets.

"Taking into account the weighted average cost of imported refined products, the changes in the maximum allowed petroleum pump prices in Nairobi are as follows; Super petrol, Diesel and Kerosene decrease by Sh1.42 per litre, Sh2.21 per litre and Sh2.10 per litre respectively".

A circular dated November 11 from the Pipelines and Product Marketing Company (PPMC) of the NNPC had informed petrol marketers of the changes in wholesale price otherwise called ex-depot rice.

According to the Authority, the new prices are a effect of the average landed cost of imported Super Petrol decreasing by 4.4 percent from US$331.37 in September to US$316.62 per cubic metre in October 2020.

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The PPMC also put the Ex-coastal price of the commodity at N130 per litre.

This online news platform reports that marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices following the deregulation of petrol prices in September.

The government has reduced the price of petrol by Rs1.71, the Finance Division said Sunday.

At the time, it said this was a step in deregulating the downstream sector as the Nigerian National Petroleum Corporation (NNPC) would no longer absorb the difference between the landing cost and the pegged retail price.



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