Petroleum Products Marketing Company (PPMC) has fixed the ex-depot price of premium motor spirit (PMS) aka petrol at N138.62 per litre.

A memo on Tuesday by the Manager, Sales, Mohammed Bello, made the announcement.

The ex-depot price is the rate at which depot owners sell the commodity to retail outlets.

PPMC noted that the new price would be effective from August 5.

It put the ex-coastal price, the rate at which the product is sold to depot owners, at N113.70 per litre.

The ex-depot price for automotive gasoline oil (AGO) aka diesel, was fixed at N160 per litre and N165 per litre, for depots in Lagos and Oghara respectively.

Similarly, the new ex-depot price for kerosene is N160 per litre.

PPMC is the downstream subsidiary of Nigerian National Petroleum Corporation (NNPC).

Meanwhile, the Petroleum Products Pricing for Regulatory Agency (PPPRA) is yet to release the monthly pricing modulation for petroleum products for August.

This determines the pump price that the products will be sold to end buyers.