Business

Petrol to hit N170 per litre as PPMC increases depot price again

The Petroleum Products Marketing Company (PPMC) has again increased the ex-depot price of Premium Motor Spirit (PMS) petrol.

A litre has been jerked up to N155.17 per litre from N147.67.

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.

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