The ex-depot price of Premium Motor Spirit, also known as petrol has been increased to N155. 17 per litre from N147. 67 per litre by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation.
This was disclosed in an internal memo by the PPMC with reference number PPMC / C/MK/ 003, dated November 11, 2020, and signed by Tijjani Ali.
The new ex-depot price according to the memo 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.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N 128. 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 N 161. 36 per litre from N153. 86 per litre.
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-N 150 in August.
The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.