Petrol price hike looms as NNPC raises petrol depot price to N161.36 per litre

A fresh increase in the pump price of petroleum is imminent for Nigerians, after the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, increased the ex-depot price of petrol to N155.17 per litre from N147.67 per litre.

The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.

The memo stated that the new ex-depot price would take effect from Friday.

It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, told PUNCH that the over N7 increase in ex-depot price would translate into an increase in pump prices.

He was quoted to have said, “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.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.



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