The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, to N155.17 from N147.67 per litre.
With the increase in the ex-depot price, marketers may increase pump price to N168 per litre, going by previous adjustments. When the ex-depot price was N147.67, marketers sold at between N154 and N161/litre.
In an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, PPMC raised the Ex-depot price by N7.5k
Ex-depot price is the price at which petrol is sold by the PPMC to marketers at the depots. However, the marketers are allowed to sell at a margin after taking into consideration several in-built costs.
The Ex-Depot price of the product was increased to N155.17 per litre from N147.67 per litre, according to an official communication between the organisation and depot owners.
The memo conveying the information was signed by Tijjani Ali and was expected to take effect from Friday (today).
According to the PPMC, the landing cost of petrol at N128.89 per litre, was up from N119.77 per litre in September/October which would put minimum pump price of the product at about N161.36 per litre from N153.86 previously.