Petrol may sell for N170/litre as NNPC raises depot price

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the price at which it sells Premium Motor Spirit, also known as petrol, to marketers to N155.17 per litre from N147.67 per litre.

The PPMC disclosed this in an internal memo dated November 11, 2020 and signed by Tijjani Ali, saying the new ex-depot price would take effect from Friday.

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.

With the latest increase in ex-depot price, marketers are expected to adjust their pump prices to between N168 and N170 per litre.