The body of Nigeria petroleum company, NNPC has raise the price of petrol at depot.
The increase was made by “Petroleum Products Marketing Company, (PPMC) a subsidiary of the Nigerian National Petroleum Corporation, (NNPC).
The Premium Motor Spirit, also known as petrol, which were sold to markers at the rate of N147.67 per litre, will now be sold at N155.17 per litre.
The development was disclose by PPMC in a internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
He 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.
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.
The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.
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