Premium Motor Spirit, also known as petrol is set to sell at ₦168 – ₦170 per litre in Nigeria as the Nigerian National Petroleum Corporation (NNPC) raised depot prices of the product.
The Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, increased the ex-depot price of petrol to N155.17 per litre from N147.67 per litre.
This was made known in an internal memo of the PPMC with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
The memo, a copy of which was seen by our correspondent, said 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.
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.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
He said, “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.