Across Nigeria, fuel price will increase going into the weekend as the Nigerian National Petroleum Corporation, (NNPC) hike ex-depot price of petrol from NGN147.67 kobo per litre to NGN155.17 kobo per litre today, Friday, November 13.
Petroleum Products Marketing Company (PPMC), a subsidiary of NNPC, had authorised the price increasing which is a difference of NGN7.50 kobo. The new price of NGN155.17 kobo will lead to fuel price ranging between N167 and N175 per litre, from today, Friday.
According to a memo from the Manager Marketing of the PPMC, Tijani Ali, to the Executive Director, Commercial (EDC) of the PPMC, it stated that, “The EDC may please refer to the management directives in respect of the above subject (PPMC PMS prices for November 2020) as per the attached memo.
“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13th November 2020, as follows: PPMC Ex-Coastal Price for PMS N130 per litre; PPMC Ex-Depot Price (With collection) N155.17 per litre. Above is submitted for your consideration and approval.”
The Managing Director of PPMC approved the new price despite a largely unchanged international crude oil price in the last three months, which has been moving from $40 and $42 per barrel. Recall that the Federal Government had removed fuel subsidy to allow the market regulate fuel price in line with international market crude oil price.
