By Deborah Hassan
The pump price of petrol is set to increase yet again from the September increment of N160 per litre to an estimated N170/litre following a N7 increase in the depot price by the Nigerian National Petroleum Corporation, 365Daily can now disclose.
This increment is coming as Nigerians keep groaning under the weight of increasing prices of goods and services incessant hikes in the price of petrol and taxes imposed by the present administration.
This imminent rise in the price of petrol is due to the increment of the depot price of petrol from N155.17 per litre from N147.67 per litre by the Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC.
A circular to this effect signed by Mr Tijani Ali, with reference number: PPMC/C/MK/003 and dated November 11, 2020, was issued to all depots with effect from Friday.
Following the deregulation of petrol prices in September, marketers across the country adjusted their pump prices to between N158 and N162 per litre to reflect the increase in global oil prices.
In June, 2020, petrol price rose from N121.50–N123.50 per litre, in July to N140.80-N143.80 and N148-N150 in August.
The federal government in September advised Nigerians to get set to pay more for fuel following full deregulation of the sector, adding that market forces and crude oil price would continue to determine the cost of the product.