The Petroleum Products Marketing Company, one of the downstream subsidiaries of the Nigerian National Petroleum Corporation, NNPC has hiked the price of Premium Motor Spirit, PMS also known as petrol by N7.50 per litre to N155.17 per litre from N147.67 per litre previously.
In a memo from the Manager Marketing of the PPMC, Tijani Ali, to the Executive Director, Commercial, EDC, of the PPMC, the NNPC subsidiary said the new price would come into effect from November 13, 2020.
The ex-depot price is the amount at which the PPMC sells the commodity at the depot to retail outlets owners and fuel marketers across the country. This means that at N155.17 per litre, marketers would be dispensing the product to motorists at between N167 and N175 per litre, from Friday, November 13, 2020.
The PPMC also put the Ex-coastal price of the commodity at N130 per litre.
The memo states: “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.
“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13th November 2020, as follows: PPMC Ex-Coastal Price for PMS N130 per litre; PPMC Ex-Depot Price (With collection) N155.17 per litre. Above is submitted for your consideration and approval.”
It will be recalled that, following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
