The petroleum products marketing company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of premium motor spirit also known as petrol to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003 dated November 11, 2020 and signed by Tijjani Ali. The memo said the new ex-depot price would take effect from Friday, November 13 2020.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots. In its PMS price proposal for November, the PPMC 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.
According to the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi in a recent interview said the over N7 increase in ex-depot price would translate into an increase in pump prices. “The implication of the increase in the ex-depot price is that there is going to be an increase in pump price, we are expecting the pump price to range from N168 – N170 per litre,” he said.