The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali disclosed that the ex-depot price of Premium Motor Spirit also known as petrol would be increased to N155.17 per litre from N147.67 per litre.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
Mr Mike Osatuyi, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria in a telephone interview with The Punch explaining the changes in the Petrol price stated that over N7 increase in ex-depot price would translate into an increase in pump prices.
“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," Osatuyi stated.
He added that, “Crude oil price is going up,” noting that the Federal Government has fully deregulated petrol prices.
Mr Osatuyi further explained that following the deregulation of petrol prices in September, marketers across the country also adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
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