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NNPC Raises Petrol Depot Price

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Bismarck Rewane, chief executive officer of Financial Derivatives Company Limited, has told Nigerians to prepare for an imminent increase in the pump price of petrol.

Ganiyat Ganiyu 

The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol to N155.17 per litre.

The depot price was increased from N147.67 per litre to N155.17 per litre.

The increment was issued in an internal memo dated November 11, 2020, and signed by Tijjani Ali.

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In its PMS price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.

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

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