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 N 155 . 17 per litre from N 147 . 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 .
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 N 119 . 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 N 153 . 86 per litre.
The National Operation Controller , Independent Petroleum Marketers Association of Nigeria , Mr Mike Osatuyi , said the over N 7 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 N 168 to N 170 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 N 158 and N 162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N 121 . 50 –N 123 . 50 per litre in June to N 140 . 80 – N 143 . 80 in July and N 148 – 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 .