The Petroleum Products Marketing Company (PPMC) has adjusted the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 from N147.67
A memo, seen by MoneyCentral showed the ex-depot price, the price at which the product is sold to marketers at the depots, which ultimately influences pump price, is now N155.17.
By implication, effective Friday, November 13, Nigerians may begin to buy fuel from filling stations at prices between N162 or higher.
The increase ex-depot prices come at a time when Brent Crude the benchmark for Nigeria’s crude oil is beginning to records impressive gains to settle at $43.53 a barrel on Friday morning from $39/ barrel recorded last week.
The memo, signed by Ali Tijani of the PPMC also showed that the landing cost average for PMS has increased from N119 in September and October to N123.89 in November.
Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months while the ex-depot price without collection shot up from N138 in September and October to N142 in November.
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.