Lagos — One of the downstream subsidiaries of the Nigerian National Petroleum Corporation, NNPC, the Petroleum Products Marketing Company, yesterday, increased the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, N155.17 per litre from N147.67 per litre, effective November 13, 2020.
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 PPMC also put the Ex-coastal price of the commodity at N130 per litre.
This means that at N155.17 per litre, marketers would be dispensing the product to motorists at between N165 and N173 per litre
In a memo from the Manager Marketing of the PPMC, Tijani Ali, to the Executive Director, Commercial, EDC, of the PPMC, the NNPC subsidiary said: “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.”