The Petroleum Products Marketing Company, a subsidiary of Nigerian National Petroleum Corporation has increased the petrol pump price. The pump price which was #147.67 per litre, has been increased to #155.17 per litre; this will probably make marketers to sell at N168-N170 per litre.
This was disclosed by the Petroleum Products Marketing Company in a memo with reference number PPMC/C/MK/003, which was signed by one of its staff Mr Tijjani Ali, in which it was stated that the new depot price will take effect as from today.
Recall that the regulated petrol price was removed in September, in view of this petrol marketers across the country have fixed their pump prices to between N158 and N162 per litre as a result of hike in oil prices.
As at the beginning of November, the Petroleum Products Marketing Company fixed the cost of petrol at N128.89 per litre, which was N119.77 per litre as at September and October 2020.
Also in September it was recalled that the Minister of State for Petroleum Resources, Timipre Sylva, stated that the government had declined the fixing of petrol price. According to the Minister, the price of petroleum products will usually be subject to the market forces and crude oil price.
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