The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC), Petroleum Products Marketing Company (PPMC) has fixed the ex-depot price of premium motor spirit, known as petrol, at N138.62 per litre.
Naija News learnt that PPMC disclosed this in a memo signed by its Manager, Sales, Mohammed Bello, in Abuja on Tuesday.
The ex-depot price is the price at which depot owners sell the commodity to retail outlets. It said that the new price would come into effect from August 5.
The PPMC also 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.
The ex-depot price for automotive gasoline oil, also known as diesel, was fixed at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.
However, Naija News had earlier reported that the increase has presently led to panic amidst several people in Lagos State, The alleged increment in the price of petrol has seen Lagosians embark on panic fuel purchase as petrol station across the state are filled with vehicles and people who want to buy the product in jerrycans.