BREAKING: FG Again Increases Petrol Depot Price

Federal Government of Nigeria has again increased petrol depot price, petrol to sell at N170/litres.

OnyxNews Nigeria reports that the Nigerian National Petroleum Corporation (NNPC) through its subsidiary, the Petroleum Products Marketing Company (PPMC), has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol.

This was announced in an internal memo dated November 11, 2020, and signed by Tijjani Ali.

This online news platform reports that the PPMC raised the price to N155.17 per litre from N147.67 per litre, with effect from Friday, 13th of November 2020.

“The increase in ex-depot price would translate into an increase in pump prices,” the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said to The Punch.

“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,” he said. Adding “Crude oil price is going up.”

He noted that the Federal Government has fully deregulated petrol prices.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.

This online news platform reports that marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices following the deregulation of petrol prices in September.

Petrol price band had permanently increased from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and in August it increased to N148-N150.