By Williams Anuku, Abuja
Petroleum marketers in the country will soon begin to sell the premium motor spirit (PMS) above the current price of N160 to N161. The new price may be between N168 and N170 per litre any moment from now, Elendu Reports gathered.
The development came on the heels of the increase in the ex-depot price of PMS also known as petrol, to N155.17 per litre from N147.67 per litre by the Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation.
An internal memo with reference number PPMC/C/MK/003, dated November 11, 2020, and signed by Tijjani Ali, made available to Elend Reports, conveyed the change in ex-depot price which takes effect today.
According to the agency’s proposal for the current month, the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It added that the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.