The ex-depot price is the price at which the depot owners sell the commodity to retail outlets across the country.
In a memo to oil marketers and other stakeholders in the petroleum marketing business, dated May 5, 2020, titled: ‘Re: PPMC Petroleum Products Prices for May 2020,’ the PPMC also slashed the ex-depot price of Automotive Gasoline Oil, also known as diesel, to N164 per litre for depots in Lagos.
However, for depots in Oghara, in Delta State; Calabar, Port Harcourt and other depots, the PPMC put the ex-depot price for diesel at N166 per litre.
The PPMC, in the memo to the petroleum products marketers, disclosed that the new prices would take effect from May 5, 2020.
With the new ex-depot price for the month the pump price of petrol is expected to be around N115 per litre. The current retail price of petrol is N123.50 per litre at NNPC Retail outlets and N125 per litre at private petrol stations, while diesel is sold around N200 per litre.
The responsibility of fixing petroleum products prices lies solely with the Petroleum Products Pricing Regulatory Agency (PPPRA), but the agency is yet to release the pricing templates for May 2020, as against its promise that the templates would be released on a monthly basis, to serve as guide for products pricing for each of the month.