The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol to N155 per litre.

According to the memo, the new price takes effect on Friday, November 13, 2020. The ex-depot price is the price at which depot owners sell the commodity to retail outlets.

Marketers will add the cost of transporting the commodity from the depots to their retail outlets, in addition to other costs, such as marketers’ margin, to determine the final pump price, which may be between N168 and N170.

Petrol price band had also risen from N121.50–N123.50 per litre in June to N140.80-N143.80 in July and N148-N150 in August.