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, dated November 11, 2020, and signed by Tijjani Ali, Manager Marketing of the PPMC.
According to the memo the new ex-depot price took effect from Friday, November 13,2020.
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 The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a recent interview, the over N7 increase in ex-depot price would translate into an increase in pump prices.
The implication of the increase being that there is going to be an shift in the pump price to the range of N168 to N170 per litre.
0
0
