Fuel Price: Again, Nigerians may expect new pump price as deports give marketeers new rates

Fuel Price: Again, Nigerians may expect new pump price as deports give marketeers new rates

Zainab  Tanimu

Kaduna, Northwest Nigeria

Updated Thursday, May 23, 2024

by  Legit.ng journalist Dave Ibemere.

Filling stations across Nigeria may be forced to adjust their pump prices once more as the ex-depot price of petrol experiences a significant increase.

Legit.ng journalist Dave Ibemere reports.

The ex- deport price of petrol is the price at which depot owners sell petrol to retail outlets in Nigeria. It determines how much petrol stations sell to motorists.

In the last few weeks, the rise in fuel costs has caused serious strain for Nigerians, particularly commercial drivers.

Most filling stations have yet to revert to the N650 petrol prices, and it seems the N700 per litre price will persist.

According to the Independent Petroleum Marketers (IPMAN), Premium Motor Spirit (PMS) or petrol has now increased to N710 per litre in private depots.

Source: legit.ng/business economy/energy/1593650

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Also, Vanguard reports that some private deports in Lagos satellites and Apapa areas are also selling for as far as N735 per liter.