The Petroleum Products Marketing Company, a subsidiary of Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation, has increased the ex-depot petrol price, to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo said the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The N7 increase in ex-depot price would translate into an increase in pump prices with retail prices expected to reach N170 per litre.
Following the deregulation of petrol prices in September, marketers across the country had adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Nigeria’s Minister of State for Petroleum Resources Timipre Sylva said at the time that the government had stepped back from fixing petrol prices, adding that market forces and crude oil price would continue to determine the cost of the product.