FG mulls another hike in petrol pump price

Effective from November 13, Nigerians may begin to buy fuel from filling stations at prices between N172 and N175, or higher.

This is because the Petroleum Products Marketing Company, PPMC, has adjusted the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, from N147.67 to N155.17.

The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol.

A memo dated November 11, shows that the new price regime becomes effective on November 13, 2020.

The memo, signed by Ali Tijani of the PPMC, shows that the landing cost average for PMS has increased from N119 in September and October to N123 in November.

Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months.

In the same vein, the ex-depot price without collection shot up from N138 in September and October to N142 in November.

The ex-depot price with collection, which ultimately influences pump price, shot up to N155.17.

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