Breaking: NNPC increases petrol depot price, marketers to sell at N168-170/l
The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit (petrol) to N155.17 per litre from N147.67 per litre.
The PPMC made this known in an internal memo with reference number PPMC/MK/003 dated November 11, 2020, and signed by Tijjani Ali.
The memo said the ex-depot price would take effect from Friday, Punch News reported. The ex-depot price is the price at which the PPMC sells the product to marketers at the depots.
The PMS in its price proposal for November put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
The memo further stated that 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 who spoke in a telephone interview with news correspondents said that the increase in ex-depot price would also mean an increase in pump prices.
"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", Osatuyi noted, adding that the Federal Government has fully deregulated petrol prices.
Following the deregulation of petrol prices in September, marketers in different parts of the country have made adjustments to their pump prices between N158 and N162 per litre to reflect the increase in global oil prices.
The Minister of State for Petroleum Resources, Timipre Sylva had said in September that the government had stepped back in fixing the price of petrol, adding that the market forces and crude oil price would continue to determine the cost of the product.
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