The Petroleum Products Marketing Company in Nigeria has announced a new depot price for petrol. The ex-depot price, which used to be sold for N147.67 per litre, has been increased to N155.17 per litre.
This subsidiary of Nigerian National Petroleum Corporation disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
In the memo, it was stated that the new development would take effect on Friday as they would begin selling to all marketers at this new price.
According to the National Operation Controller of Independent Petroleum Marketers Association of Nigeria, as the new price takes effect, petrol stations would also have to increase their price from the range of N168 to N170 per litre.
“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,” Mr Mike Osatuyi said.
This deregulation of petrol prices started in September when the price was adjusted to N158 and N162 per litre. According to the Minister of State for Petroleum Resources, Timipre Sylva, as at September, the government had fixed the control of petrol price and that cost of petrol would now be determined by market forces and crude oil price