The ex-depot price of Premium motor spirit (Petro) has been increased by The Petroleum Products Marketing Company(PPMC), a subsidiary of the Nigerian National Petroleum Corporation(NNPC), from N147. 67 per litre to N155. 17 per litre.
The PPMC revealed this in an internal memo with the reference number of PPMC/C/MK/003, with the date November 11, 2020 by Tijjani Ali.
The memo which was a copy of which was seen by our correspondent, said on it that the new ex-depot price begins from Friday.
The price at which PPMC sells to marketers at the depots is called the ex-depot price.
In the PMS price proposal for November, the PPMC increased the price of Petrol from N119. 77 per litre in September/October to N128. 89 per litre.
It was said that the estimated minimum pump price of product would be increased from N153. 86 per litre to N161. 36 per litre.
Mr Mike Osatuyi, The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, said in a telephone interview with our correspondent, that the over N7 increase in ex-depot price will cause the 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, stating that the Federal Government has completely deregulated the price of people.
In accordance with the deregulation of the price of Petrol in September, across the country, marketers changed their pump price to between N158 and N162 per litre to agree with the increase in global oil prices.
Petrol price band had also increased in June, from N121. 50 to N123. 50 per litre, In July, from N140. 80 to N143. 80 per litre and in August, from N148 to N150 per litre.
Timipre Sylva, the Minister of State for Petroleum Resources said that the government retreated in giving a fixed price for petrol in September, he also said that crude oil prices and market force will continue to determine the price of product.