Petrol may sell for N170, as ex-depot price hits N155
By Abimbola Abdullahi
Nigerians may need to prepare for a higher petroleum price, as the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of petrol to N155.17 per litre.
With this development, the Premium Motor Spirit (PMS), otherwise known as petrol may now sell for between N167 to N170 per litter at the filling stations. The pump price currently stands at N159.58 per litre.
PPMC, in an internal memo sighted by SlyNews, tagged: “PPMC prices for November 2020″, said the ex-depot price will now be N155.17, while the ex-coastal price will be N130.
The memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali, stated that the new price regime becomes effective today, November 13, 2020.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the fuel depots. The price was increased from about N147 to N155.17.
The ex-coastal selling price was also increased to N125 in previous months to N130 in November.
The marketers would latter incorporate additional costs such as transport, union dues and profit, indicating that the pump price would be increased.
Marketers told SlyNews that the development would trigger increase in the pump price, with expectation that fuel would now sell for between N167 to N170 per litre at the filling stations.
In September, the pump price of petrol hit N161 per litre after the government increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.
