Just in: NNPC Increases petro pump price to N170 per litre


Nigerian National Petroleum Corporation, NNPC, has announced a new pump price of Premium Motor Spirit (PMS) otherwise called petrol which takes effect from November 13, 2020.

The product will now be sold at N168 – N170 per litre against the wholesale price of the product which was sold at N147 to N155.

A circular dated November 11 from the Pipelines and Product Marketing Company (PPMC) of the NNPC had informed petrol marketers of the changes in wholesale price otherwise called ex-depot price.

The letter, with reference number PPMC/C/MKT/003, signed by Ali Tijani was approved by the management on November 12 as the price change was detailed to take effect from November 13.

Federal government had earlier announced deregulation of the downstream segment of the petroleum industry as the government suspended a subsidy regime allegedly covered in corruption and secrecy.

Although the pump price of petrol was reduced immediately government deregulated the market following the low price of crude at the international market.

The price has, however, risen steadily from June. The price band rose from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.

In September pump prices rose further to N158 and N162 per litre. The recent ex-depot is projected to increase the pump price to about N170.

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