Petrol to sell at N172.17 as FG increases fuel price 5th time in 5 months

The Petroleum Products Marketing Company, (PPMC) has again increased the retail pump price of petrol to between N168.17 and N172.17, the fifth such increase in the last five months.

The new pump price which was as a result of increase in ex-depot price to N155.17 takes effect from Friday 13, November, according to a PPMC’s internal memo seen by Daily Trust.

IGP seeks N24.8bn to fuel vehicles, motorcyclesFuel scarcity looms as PENGASSAN begins indefinite strikeDaily Trust reports that in October, the ex-depot price was unchanged and traded at 151.56 per litre as set by PPMC in September.

At that price, the pump price of fuel was sold between 158 and N162.o

“The EDC may please refer to the Management directives in respect of the above subject as per the attached memo,” the memo read in part.

“In line with the above, we propose PPMC November 2020 actual prices for PMS with effect from 13 November, 2020 as follows: PPMC ex-Coastal Price : N130.0, PPMC ex-Depot Price (collection): N155.17,” according to the memo.

In May 2020, Petroleum Products Pricing Regulatory Agency (PPPRA) announced a new pump price band to between N121.50 to N123.50 per litre.

In July 2020, pump price of fuel was increased to between N140.80 and N143.80.

In August 2020, it was again hiked to between N145.86 and N148.86.

The latest increase was on September 2, 2020 when it was further increased to N158-N162.