The ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, has risen to N155.17 per litre from N147.67, courtesy of the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation.
This translates to a pump price of between N168 – N170 per litre according to the Independent Petroleum Marketers Association of Nigeria (IPMAN) for its members. In Abuja, the changes have been effected in many stations.
It is not yet known how much the product will be sold at NNPC filling stations.
Expectedly, there is growing anger at fuel filling stations and the social media with snide and abusive remarks being bandied around.
There are speculations and fears that a ripple effect on other goods and services may be reflected in the coming days. Already, there has been a consistent rise in prices of foodstuff across the country.
In an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali, the PPMC said the new ex-depot price would take effect from Friday.
Except at the height of the Covid-19 pandemic, the price of petrol has risen consistently since June. In June, it was between N121.50 to N123.50 per litre, rising to N140.80 – N143.80 in July and N148 – N150 in August.
After the deregulation of prices in September, pump prices rose to between N158 and N162 per litre as global oil prices rose.