NNPC Hike Fuel Price Again To N155, Marketers To Sell At N170 Per Litre

The Nigerian National Petroleum Corporation (NNPC) has increased the pump price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from NN147.67 per litre.

The Petroleum Products Marketing Company, a subsidiary of the NNPC disclosed this through an internal memo with reference number PPMC/C/MK/003 and dated November 11, 2020.

According to the memo, the new ex-depot price which takes effect on Friday is the price at which the product would be 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, while also estimating that the minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.

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Following this new increase, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has now directed marketers to sell the product for N170 per litre.

According to IPMAN: “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.

“Crude oil price is going up,” he said, noting that the Federal Government has fully deregulated petrol prices.

National Vice President of IPMAN, Abubakar Maigandi, confirming the increment said: “The PPPMC last midnight told us that the ex-depot price is now N155.17 per litre. We have directed our marketers to sell for N170 per litre.” He also added that the price will still depend on the forces of demand and supply.

In another reaction, the National Operation Controller of IPMAN, Mike Osatuyi while speaking to Punch stated that the over N7 increase in ex-depot price would translate into an increase in pump prices.

NNPC had not announced the price for two months because, according to it, the announcement always generates issues.