All Progressive Congress (APC) led government in Nigeria under the leadership of President Muhammadu Buhari would have succeeded in increasing the pains of Nigerians as it has again increased the petroleum pump price and motorists will have to buy a liter at about N170 per litre from Friday, November 13, 2020.
This is due to the adjustment of the ex-depot price of Premium Motor Spirit, also known as petrol from N147.67 to N155.17.
The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol.
According to a memo dated Wednesday November 11, 2020, signed by Ali Tijani of the PPMC, the new price regime becomes effective on November 13, 2020.
The memo revealed that the landing cost average for PMS has increased from N119 in September and October to N123 in November.
Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months.
In the same vein, the ex-depot price without collection shot up from N138 in September and October to N142 in November.
The ex-depot price with collection, which ultimately influences pump price, shot up to N155.17.
The ex-depot price is the price at which the product is sold to marketers at the depots.
