Petrol cost rises as NNPC releases new ex-depot price
By Emmanuel Awosika
The cost of Premium Motor Spirit (petrol) has increased after the Petroleum Products Marketing Company raised the ex-depot price of petrol to N155.17 per litre from N147.67 per litre.
PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC) communicated the development in an internal memo dated November 11, 2020, and signed by Tijjani Ali.
The memo indicated that the new ex-depot price will come into effect from Friday (today).
The ex-depot price is how much PPMC sells petroleum to marketers at the depot.
According to the PPMC’s PMS price proposal for November, the landing cost of petrol will increase from N128.89 per litre up from N119.77 in October.
It also estimated the pump price of petrol would increase from N153.86 per litre to N161.36 per litre.
Recall that Minister of State for Petroleum Resources, Timpire Sylva, had said in September that the Federal Government would stop subsiding cost of petrol, saying that market forces would determine the cost of crude in the country.
Since then, marketers have continued to increase pump price of petrol to reflect global conditions.
Following the latest increase in ex-depot prices, distributors expect pump price of petrol to climb to N168-N170 per litre.
