Petrol hike: Pump price sets to hit ₦170

Obinwannem News Petrol hike: Pump price sets to hit ₦170

Following a new adjustment of the ex-depot price of petrol, from ₦147.67 to ₦155.17 by the Petroleum Products Marketing Company (PPMC) on Wednesday, there are possibilities that the pump price would rise to ₦170 per liter.

This is in accordance with the PPMC memo dated 11th November, where it also revealed that the new price regime would become effective on November 13, 2020.

According to sources, the memo, signed by Ali Tijani of the PPMC, showed that the landing cost average for PMS has increased from ₦119 in September and October to ₦123 in November.

However, this new development implies that Nigerians may begin to buy fuel from filling stations at prices between ₦172 and ₦175, or higher.

The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol.

Recall that in September, the pump price of petrol hit ₦161 per litre after the government had increased the price at which it sells the product to marketers – from ₦138.62 per liter to ₦147.67

Nwada Ugochinyere Onyechere reporting, Obinwannem News

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