The Premium Motor Spirit (PMS) will now sell at N123.50 per litre following an upward review of the ex-depot price of the commodity by the petroleum Products Pricing Regulatory Agency(PPPRA) for the month of June.
The ex-depot price was increased to N104.13 from N102.13/Ltr.
The ex-depot price is a price at which depot owners sell the commodity to retail outlets across the country.
This was contained in circular to all Petroleum Products Marketers dated 31st May, which was exclusively obtained by the Tribune Online from Industry sources in Abuja.
In the document, the PPPRA also increased the ex-depot collection from N109.78 to N111.78/litre.
The agency said the review became imperative after considering the prevailing market fundamentals in the month of May and Marketers’ realistic operation costs.
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