Petrol now to sell at N172/litre as PPMC increases ex-depot price

The retail pump price of Petroleum Motor Spirit (PMS) known as petrol will now sell at N172.17 per litre, following an increase in the ex-depot price from N151.56 in September to N155.17 in November.

The Petroleum Products Marketing Company, a downstream subsidiary of the  Nigerian National Petroleum Corporation (NNPC) conveyed the new development in a memo dated 11th, November 2020, and signed by Ali Tijani.

The new change is effective 13th, November 2020.

“The EDC may please refer to the Management directives in respect of the above subject as per the attached memo.

“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13 November 2020 as follows: PPMC ex-Coastal Price: N130, PPMC ex-Depot Price (collection): N155.17”, the memo read.

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.

In May 2020, the  Petroleum Products Pricing Regulatory Agency (PPPRA) had put the pump price band between N121.50 to N123.50 per litre.

While in July and August 2020, the pump price band was increased to N140.80- N143.80 and N145.86- N148.86 respectively.

However, in September, the price was further adjusted to N151.56 per litre.

This remained unchanged throughout the month of October.

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