Petrol price to go up as PPPRA raises ex-depot price by N6
With N138.62 approved by the Petroleum Products Pricing Regulatory Agency as ex-depot price for a litre of petrol, the stage is set for Nigerians to pay more for petrol.National Vice President of the Independent Petroleum Marketers Association of Nigeria Abubakar Maigandi toldlast night that the PPPRA raised the depot price from N132/N133 per litre by N6 per litre.A source, who was also part of the meeting for the monthly prices review said the agency did not come up with a new pump price.
The source added that the upward review followed the rise of crude oil prices in the international market.Marketers decry flunctation in petroleum pricesIt was the first time that the agency approved a new price after the removal of petrol subsidy. It was learnt that the price increase ought to have been increased since but for the Eid-El-Kabir holidays.
At the international market yesterday, oil prices slid amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns.United States . West Texas Intermediate crude futures fell 30 cents, or 0.7 per cent to $40.71 a barrel at 0414 GMT, while Brent crude futures fell 37 cents or 0.8 per cent to $43.78 a barrel.
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