There is a hike in the pump price of Premium Motor Spirit (PMS), mostly referred to as petrol. The hike is following the increase of the ex-depot price of the product.
The ex-depot price is the amount at which the PPMC sells the commodity at the depot to retail outlets owners and fuel marketers across the country.
The modification contained in a memo from the Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
The memo which was directed to the Executive Director, Commercial, EDC, of the PPMC, by Tijani Ali, the Manager Marketing of the PPMC, revealed that the new price would come into effect from November 13, 2020.
Meaning that at N155.17 per litre, marketers would be dispensing the product to motorists at between N167 and N175 per litre, from Friday, November 13, 2020.
Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months.
The memo reads in part: “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 adjustment was met with criticisms and outrage among Nigerians as many lamented the bad economic conditions made worse by the price hike.
In September, the pump price of petrol hit N161 per litre after the government increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.
FG also deregulated downstream oil sector, paving the way for prices to be determined by market forces, especially international oil price.
The deregulation was been singled out as the reason behind the recent hike in the price of petrol.
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