The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N155.17 per litre from N147.67 per litre.
PPMC is subsidiary of the Nigerian National Petroleum Corporation (NNPC).
The new ex-depot price was contained in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020,
The circular signed by Tijjani Ali said the change is effective Friday November 13.
Ex-depot price is the cost the product is sold by the PPMC to marketers at the depots.
The approximately N8 increment would cause an increase in pump prices to about N170 per litre nationwide.
