Thursday, 23 May, 2024


Marketers await October petrol pump price from PPMC

The Pipeline Products Marketing Company (PPMC) is yet to release the October’s ex-depot price of the Premium Motor Spirit (PMS) popularly known as petrol.

The delay kept marketers under different associations anxious as they were not sure whether the company would retain the September price or swing it upward or downwards.

Although some marketers and market analysts were upbeat that the price would dip owing to the marginal decline in the prices of crude oil, other factors also determine the of petroleum product prices.

Asked whether the PPMC had notified marketers on the October ex-depot price, the Independent Petroleum Marketers Association of Nigeria (IPMAN) National Vice President, Alhaji Abubakar Maigandi, told The Nation: “They (PPMC) and the Federal Government have not sent the memo.”

He revealed that marketers were still loading the product from depots at the September ex-depot price.

Another stakeholder in the downstream sector who pleaded anonymity berated the Federal Government for delaying the release of the new rate.

According to him, in a deregulated market, public holidays and weekends should not deter the PPMC from stating its ex-depot price.

Credit: The Nation


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