Buhari govt to increase fuel price again, litre may hit N170

Barring any last minute change of mind, Nigerians may need to brace up for a fresh regime of hike in petroleum 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.

The PPMC is a subsidiary of the Nigerian National Petroleum Corporation, NNPC, and currently imports almost all of Nigeria’s petrol.

A memo dated November 11, showed that the new price regime becomes effective on November 13, 2020.

The memo, signed by Ali Tijani of the PPMC, showed that the landing cost average for PMS has increased from N119 in September and October to N123 in November.