The announcement on Friday of a hike in the price of Premium Motor Spirit (PMS) otherwise known as petrol caused a resurgence of long queues in some filling stations around the Lagos metropolis. The Petroleum Products Pricing Regulatory Agency had announced an increase in the Ex-depot price of the product.
Ex-deport price is the price at which oil marketers buy products at the depots, the price is what determines the price at which petrol stations will sell to motorists.
The Petroleum Products Pricing Regulatory Agency had revealed in a new monthly template that the price of Premium Motor Spirit, also known as petrol, has reached N212.6 per litre.
According to the template which the PPPRA released midnight, petrol is expected to sell at a lower retail price of N209.61 and at an upper retail price of N212.61. Nigerian marketers usually use the upper band for pump price.
But the agency later deleted the post and clarified that it is not within its jurisdiction to increase fuel price in the country.
However, at the Nigerian National Petroleum Corporations Filling Station at Omole Junction, near Berger, many vehicles were seen queuing for fuel.
Though the filling station didn’t increase the petrol price, some of the motorists expressed fear that they could be an increase after the announcement.
