The Petroleum Merchandise Advertising Firm, a subsidiary of the Nigerian Nationwide Petroleum Company, has elevated the ex-depot value of Premium Motor Spirit, often known as petrol, to N155.17 per litre from N147.67 per litre.
The PPMC disclosed this in an inner memo with reference quantity PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali.
The memo, a replica of which was seen by our correspondent, mentioned the brand new ex-depot value would take impact from Friday.
The ex-depot value is the worth at which the product is bought by the PPMC to entrepreneurs on the depots.
In its PMS value proposal for November, the PPMC put the touchdown value of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It mentioned the estimated minimal pump value of the product would enhance to N161.36 per litre from N153.86 per litre.
The Nationwide Operation Controller, Impartial Petroleum Entrepreneurs Affiliation of Nigeria, Mr Mike Osatuyi, in a phone interview with our correspondent, mentioned the over N7 enhance in ex-depot value would translate into a rise in pump costs.
He mentioned, “The implication of the rise within the ex-depot value is that there’s going to be a rise within the pump value. We predict the pump value to vary from N168 to N170 per litre.
“Crude oil value goes up,” he mentioned, noting that the Federal Authorities has absolutely deregulated petrol costs.
Following the deregulation of petrol costs in September, entrepreneurs throughout the nation adjusted their pump costs to between N158 and N162 per litre to mirror the rise in international oil costs.
Petrol value band had additionally risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.
The Minister of State for Petroleum Sources, Timipre Sylva, mentioned in September that the federal government had stepped again in fixing the worth of petrol, including that market forces and crude oil value would proceed to find out the price of the product.