The pump price of premium motor spirit (petrol) has increased to N170 per litre, according to a new directive from the Independent Petroleum Marketers Association of Nigeria (IPMAN).
The instruction followed Thursday’s night announcement of N155.17 ex-depot price to the marketers.
IPMAN National Vice President Abubakar Maigandi said: “The PPMC last midnight told us that the ex-depot price is now N155.17 per litre. We have directed our marketers to sell for N170 per litre.”
Maigandi, however, said the price would still depend on the forces of demand and supply.
The Petroleum Products Marketing Company a subsidiary of the Nigerian National Petroleum Corporation increased the ex-depot price to N155.17 per litre from N147.67 per litre.
It was announced in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020 and signed by Tijjani Ali.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
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.
