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The Petroleum Products Marketing Company (PPMC), has announced a rise in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N155.17 per litre from N147.67 per litre.
The PPMC which is a subsidiary of the Nigerian National Petroleum Corporation (NNPC), revealed this in an internal memo dated November 11, 2020.
The memo signed by Tijani Ali said that the new ex-depot price would take effect from Friday (today), Punch reports.
The ex-depot price is the price at which petrol is sold y the PPMC to marketers at the depots.
According to the PPMC, the pump price of PMS is expected to increase to N161.36 per litre from N153.86 per litre.
Reacting to the development, Mr Mike Osatuyi, National Operation Controller, Independent Petroleum Marketers Association of Nigeria said the hike which is over N7 would result to 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,” he said.
Recall that marketers increased the pump price of PMS to between N158 and N162 per litre in September after the deregulation of petrol prices.
It followed rise in pump price experienced in June, July and August respectively.
Timipre Sylva, Minister of State for Petroleum Resources had said that market forces and crude oil prices would determine the cost of PMS, adding that government had withdrawn from fixing price for the product.
The latest development comes at a time when the yuletide is around the corner and many Nigerians are expected to travel.
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.