Nigeria’s State-owned Oil Company NNPC Raises Petrol Price Starting Friday

The Petroleum Products Marketing Company, a subsidiary of Nigeria’s state-owned oil company, the Nigerian National Petroleum Corporation, has increased the ex-depot petrol price, to N155.17 per litre from N147.67 per litre.

The PPMC disclosed this 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 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.

The N7 increase in ex-depot price would translate into an increase in pump prices with retail prices expected to reach N170 per litre.

Following 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.

Nigeria’s Minister of State for Petroleum Resources Timipre Sylva said at the time that the government had stepped back from fixing petrol prices, adding that market forces and crude oil price would continue to determine the cost of the product.

Follow us on:

AriseNews

Recent Posts

Gatwick Airport South Terminal Evacuated, Bomb Disposal Team Deployed Suspicious Item Found In Luggage

Gatwick Airport's South Terminal was evacuated after a suspected prohibited item was found, prompting bomb…

5 mins ago

Trump Considers Kevin Warsh for Treasury Secretary, Role Of Chairman Of Federal Reserve

Trump is considering Kevin Warsh for Treasury Secretary, with a future possibility of him becoming…

3 hours ago

Hyundai Recalls 145,235 Electrified Vehicles In The US Due To Power Loss Issue

Hyundai has recalled 145,235 electrified vehicles in the US. due to potential loss of drive…

3 hours ago

‘We’re Going to Begin to License Actors’, Says AGN President in A Bid For Standardisation

AGN president Rollas has stressed the need for actor licensing to ensure fair compensation and…

3 hours ago

EU Closes Antitrust Investigation Into Apple’s App Store Rules After Complaint Withdrawal

EU regulators has closed a four-year investigation into Apple's App Store rules after the complainant…

3 hours ago

IPOB Denounces Simon Ekpa As A ‘Destructive Agent’, Clarifies He Was Never A Member Of The Group

IPOB distanced itself from Simon Ekpa, calling him a “destructive agent” who infiltrated and destabilised…

4 hours ago