News
BREAKING: Again, FG increases petrol pump price
The news reaching the OSUNREPORTERSN NEWS reported that, Federal Government through Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol.
The increment, from N147.67 per litre to N155.17 per litre was disclosed by the PPMC in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
According to the memo, the ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots while the new ex-depot price would take effect from Friday.
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 2020.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
Source:
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