The the ex-depot price of Premium Motor Spirit, also known as petrol, has been raised to N155.17 per litre from N147.67 per litre by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation.
The PPMC made the disclosure in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
According to the memo, the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
The PPMC In its PMS price proposal for November, put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said the over N7 increase in ex-depot price would translate into an increase in pump prices, reports The Punch.
Osatuyi was quoted as saying, “The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre.
“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.