Ex-depot price is the price marketers buy products at the depot and it determines the price at which they sell to motorists at filling stations. NNPCL’s ex-depot price is not realistic for other marketers, because they (NNPCL) source their dollar cheaper, which is at the N461/$ CBN rate. Fixing petrol pricesAs oil marketers made their demand to start PMS imports, the NMDPRA explained that it would no longer fix prices or release templates for petrol. The Chief Executive, NMDPRA, Farouk Ahmed, explained in a statement that under the liberalised market, market forces were allowed to dictate prices. By the time the NNPC refineries and other modular refineries across the country come on stream, Nigeria will be a net exporter of petroleum products.”

Source: Punch June 05, 2023 14:51 UTC