NNPC Increases Petrol Depot Price…Pump Price Now N168-N170

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, commonly known simply as Petrol, to N155.17 per litre from N147.67 per litre.

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 price will take effect starting today Friday, November 2020.
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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 National Operation Controller, Independent Petroleum Marketers Association of Nigerian, Mr Mike Osatuyi, he said the N7 increase in ex-depot price would automatically affect pump prices translating 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.

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-N150 in August.

Photo Credit: Getty