The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol from N159.50 to N170 per litre.
This follows a November 11 internal memo signed by Ali Tijjani, proposing that the November depot price of petrol be increased to N155.17 from N147.67 per litre.
According to the memo, the new price takes effect today, Friday, November 13, 2020.
In September, PPMC adjusted the ex-depot price of petrol to N151.56 per litre from N138.62; this translated to an average retail pump price of N161.
The Federal Executive Council, FEC, had in March, approved a monthly review of petroleum products prices in line with the international market prices following the impact the COVID-19 pandemic.
