The 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, to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
The memo, a copy of which was seen by our correspondent, said the new ex-depot price would take effect from Friday.
The ex-depot price is the price at which the product is 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.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The National Operation Controller, Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, in a telephone interview with our correspondent, said the over N7 increase in ex-depot price would translate into an increase in pump prices.
He said, “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.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The Minister of State for Petroleum Resources, Timipre Sylva, said in September that the government had stepped back in fixing the price of petrol, adding that market forces and crude oil price would continue to determine the cost of the product.
The singer quoted the news, expressing his excitement at getting to be part of the cast for the anticipated movie
- The movie is the sequel to the 1988 comedy classic which stars Eddie Murphy among others
Popular Nigerian singer David Adeleke, better known as Davido has had quite a social media comeback. The singer who realeased his new single and left social media buzzing is set to feature in a Hollywood movie.
Coming To America 2 - the sequel to its original released in 1988 - is set to be released on December 17, 2020 and our very own superstar singer is part of the amazing cast.
The Hollywood movie which has continued to make waves since the 1980s stars actors like Eddie Murphy, Arsenio Hall, James Earl Jones, and Paul Bates as its main cast.
The movie will feature alongside some of the part 1 cast including top Hollywood actors and artistes like Jermaine Fowler, Wesley Snipes, Tracy Morgan, Leslie Jones, KiKi Layne, Rick Ross, Luenell, Rotimi, Teyana Taylor and Michael Blackson.
In the sequel, former Prince Akeem is set to become King of Zamunda when he discovers he has a son he never knew about in America – a street-savvy Queens native named Lavelle. Honouring his father’s dying wish to groom this son as the crowned prince, Akeem and Semmi set off to America.
