The ex-depot price of Premium Motor Spirit, also known as petrol has increased to N155.17 per litre from N147.67 per litre.
The Petroleum Products Marketing Company (PPMC) disclosed this in an internal memo dated November 11, 2020, and signed by Tijjani Ali.
The new ex-depot price, which is the price at which the product is sold by the PPMC to marketers at the depots would take effect from Friday, November 13.
With the new increase, the pump price is expected to range from N168 to N170 per litre.
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.
In an interview, the National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, 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.”