Price of petrol has once again been increased for a third time in three months as a litre of fuel will now sell at N170.
This is because the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation again increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an internal memo signed by Tijjani Ali on Wednesday November 11, 2020.
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.
According to the memo, the new ex-depot price would take effect from (today) Friday November 13, 2020.
This translates to an increase of over N7 in the ex-depot price, which will automatically affect the price of pump fuel.
Marketers had in September adjusted their petrol pump prices to N158 and N162 per litre following the government’s decision to deregulate the downstream segment of the petroleum industry which led to a suspension of fuel subsidy.
The president said the government can no longer afford to subsidise fuel as it needs to make reasonable provisions for health, education and other social services.
