Nigerians have effectively launched into the next level of President Muhammadu Buhari Change Agenda as the All Progressives Congress ruling party has again increased the pump price of fuel.
The Petroleum Products Marketing Company(PPMC) a subsidiary of the Nigerian National Petroleum Corporation,(NNPC) increased the ex-depot price of petrol from N147.67 per litre to N155.17 per litre. This implies that petrol will now start selling at N168 to N170.
The PPMC made this known in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali. The memo said the new ex-depot price would take effect from Friday.
The PPMC in its PMS price proposal for November, 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.
The N7 increase in ex-depot price would translate into an increase in pump prices with retail prices expected to reach N170 per litre.
Since the deregulation of petrol prices in September, marketers across the country had adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.