The Petroleum Products Marketing Company has increased the depot price of petrol by N7.50, which likely lead to an increase of the pump price of the product.
Independent marketers are expected to make price adjustment from November 13, 2020 are targeting a pump price of anything between N168 to N170 per litre.
PPMC in an internal memo dated November 11, 2020 increased the depot price of petrol from N147.67 to N155.17 per litre.
PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), put the landing cost of petrol in the November 11 memo at N123.89 per litre.
Depot managers meanwhile are expected to buy from importers at N130 per litre.
The government announced the removal of subsidy on petroleum products and since PPMC has announced several depot price increases for petrol after monthly reviews.
In September, marketers increased the pump price a minimum of N158 per litre after the PPMC increased the depot. Increases were also made in five of the last six months.