Fuel may be sold for N170 as NNPC increases depot price to N155

Barring any urgent change, the pump price of Premium Motor Spirit (PMS) otherwise called petrol may be increased to N170 per litre after the Nigerian National Petroleum Corporation (NNPC) increased the wholesale price of the product from N147 to N155.
This is in reference to a circular dated November 11 from the Pipelines and Product Marketing Company (PPMC) of the NNPC, informing petrol marketers of an increase in ex-depot rice.
The increase is coming as a surprise when the price of crude oil at the international market is dwindling.
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 Today Friday November 13, 2020.
The pump price of petrol, it would be recalled, was reduced from N143 to N121 immediately the Nigeria government deregulated the oil market following the low price of crude at the international market few months ago.
The price however increased to N148-N150 in August. In September, pump prices rose further to N158 and N162 per litre but the increase in ex-depot price has been projected to increase the pump price to about N170, a development that may further compound the plight of Nigerians and raise the tension in the country.