The price of Premium Motor Spirit (PMS), also known as petrol, could sell for as much as N161-N170 per litre.
This is as a result of the increase in the ex-depot price from N147.67 per litre to N155.17 per litre by the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali, stating that the new ex-depot price would take effect from Friday.
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The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
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.
BizWatch recalls that the Minister of State for Petroleum Resources, Timipre Sylva, in September, said 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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