Petrol prices to hit N162 or more as ex-depot price rises to N155

Nigerians may need to brace up for higher petrol prices across the country in the coming days. This is because the Petroleum Products Marketing Company (PPMC) has adjusted the ex-depot price of Premium Motor Spirit, also known as petrol, from N147.67 to N155.17.

A memo signed by Ali Tijani of the PPMC, seen by BusinessDay, showed that the ex-depot price, the price at which the product is sold to marketers at the depots, which ultimately influences pump price, is now N155.17.

By implication, effective Friday, November 13, Nigerians may begin to buy fuel from filling stations at prices between N162 and N170, or higher.

The increase in ex-depot prices comes at a time when Brent Crude, the benchmark for Nigeria’s crude oil, is beginning to record impressive gains to settle at $43.53 a barrel on Friday morning from $39/barrel recorded last week.

The memo also showed that the landing cost average for PMS has increased from N119 in September and October to N123.89 in November.

Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months, while the ex-depot price without collection shot up from N138 in September and October to N142 in November.

In September, the pump price of petrol hit N161 per litre after the government increased the price at which it sells the product to marketers from N138.62 per litre to N147.67.

The development was met with criticisms and outrage among Nigerians as many lamented the bad economic conditions made worse by the price hike.