Petrol to sell for N170 per litre as FG hikes price again

The pump price of Premium Motor Spirit, (fuel) could increase up to N170 per litre, Friday, following the increase in the ex-depot price to N155.17 from N147.67 per litre.

The ex-depot price is the price the product is sold to marketers at the depots by the Petroleum Products Marketing Company; a subsidiary of the Nigerian National Petroleum Corporation.

In an internal memo with reference number PPMC/C/MK/003 dated November 11, 2020, and signed by Tijjani Ali, PPMC said the new ex-depot price would take effect from Friday.

In its November proposal, the PPMC put the landing cost of PMS at N128.89 per litre, up from N119.77 per litre between September and October.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

Fuel pump price skyrocketed to N123.50 per litre in June, and by August, it sold for N150 per litre.

By September, the Independent marketers in Nigeria also adjusted their pump prices to N162 per litre to reflect the increase in global oil prices following the deregulation of petrol prices by the PPMC.  

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