There is going to be a fuel price hike again as the Petroleum Products Marketing Company (PPMC) arm of the NNPC announced an increase in the depot price.
Premium Motor Spirit ex-depot price has been hinged at N155.17 per litre against its current price of N147.67 per litre with effect from today, 13th of November.
The information is contained in an internal memo dated November 11 with reference number PPMC/C/MK/003 and signed by Tijani Ali.
The ex-depot price is that at which the Petroleum Ministry sells to marketers who then decide and fix their own profit margins.
This is the 3rd ex-depot price review in 2020 after the September review from N119.77 to N128.89.
With the latest PPMC N7 addition per litre, it is estimated that the pump price of petrol will be between N161.36 and 153.88 per litre with effect from today.
According to the National Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, “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 between from N168 to N170 per litre.”Crude oil price is going up”
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