The Petroleum Products Marketing Company (PPMC) has again increased the ex-depot price of Premium Motor Spirit (PMS) petrol to N155.17 from N47.67.
Ex-depot price is the cost the product is sold by the PPMC to marketers at the depots.
The new ex-depot price was contained in an internal memo with reference number PPMC/C/MK/003, dated November 11, 2020,
The new price takes effect from today, Friday 13 November 2020.
PPMC is subsidiary of the Nigerian National Petroleum Corporation (NNPC).
This increment of about N8 is expected to cause an increase in pump prices to about N170 per litre nationwide.
Recall that millions of Nigerians are already weighed down by astronomical prices of goods and services which are relatively connected to the high cost of transportation.
