The Pipeline and Product Marketing Company (PPMC) on Thursday issued a circular that advised petroleum marketers to sell petrol within the band of N168 per litre to N170 per litre, after a review of the prevailing market fundamentals for the month of November 2020.
The hike in price, which takes effect from Friday, 13th November 2020, is the fifth such increase in the past five months. In October, the ex-depot price was unchanged and traded at 151.56 per litre as set by PPMC in September. At that price, the pump price of fuel was sold between N158 and N162.
In May, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new pump price range between N121.50 to N123.50 per litre. Then in July, the pump price of fuel was increased to between N140.80 and N143.80, and a month later, it was again hiked to between N145.86 and N148.86. The last increase was on September 2, 2020, when it was further increased to between the range of N158 to N162.
“The EDC may please refer to the Management directives in respect of the above subject as per the attached memo,” PPMC’s memo reads. “In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13 November 2020 as follows: PPMC ex-Coastal Price: N130.0, PPMC ex-Depot Price (collection): N155.17.”