Barring any last minutes changes, Nigerians nationwide would begin to buy Premium Motor Spirit (PMS), also known as petrol at N170 pump price after the Petroleum Products Marketing Company, one of the downstream subsidiaries of the Nigerian National Petroleum Corporation (NNPC) has raised the ex-depot price of Premium Motor Spirit (PMS) from N147.67 to N155.17 , a development that signifies N7.50 increase.
The ex-depot price is the amount at which the PPMC sells the commodity at the depot to retail outlets owners and fuel marketers across the country.
Meanwhile, 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 and October.
However, the price regulating body, through a memo by its Marketing Manager, Tijani Ali, said that the new price would take effect on November 13, 2020 (today), and that the Ex-coastal price of the commodity has also been pegged at N130 per litre.
It was gathered that upon the increase in depot price, marketers would from today be selling the product to motorists at N167 and N175 per litre.
“The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.
“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13th November 2020, as follows: PPMC Ex-Coastal Price for PMS N130 per litre; PPMC Ex-Depot Price (With collection) N155.17 per litre. Above is submitted for your consideration and approval,” the memo read.