The federal government has again, increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.
This was revealed in an internal memo by the Petroleum Products Marketing Company (NNPC), a subsidiary of the Nigerian National Petroleum Corporation, with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
The new price, according to the memo, would take effect from Friday.
The proposed price for November, stands at at N128.89 per litre for landing cost, up from N119.77 per litre in September/October.
This would certainly increase the estimated minimum pump price of the product to N161.36 per litre from N153.86 per litre.
While speaking to PUNCH, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, 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.
“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.
Recall that in Septermber, the Minister of State for Petroleum Resources, Timipre Sylva, said the government will no longer fix the price of petrol, noting that market forces and crude oil price would continue to determine the cost of the product.
