Price of premium motor spirit, popularly known as petrol, has been increased to N155.17 per litre from N147.67 per litre.
The increase was contained in an internal memo by the petroleum products marketing company, a subsidiary of the Nigerian National Petroleum Corporation with reference number PPMC/C/MK/003, dated November 11, 2020.
The new ex-depot price would took effect from today, November 13, 2020, Sahelian Times, reports.
The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.
In its pms price proposal for November, the PPMC put the landing cost of petrol at N128.89 per litre, up from N119.77 per litre in September/October.
It said the estimated minimum pump price of the product would increase to N161.36 per litre from N153.86 per litre.
The over N7 increase in ex-depot price would translate into a hike in the pump prices, ranging from N168 to N170 per litre.
The development makes it clear that, the federal government has fully deregulated petrol prices.
It puts to rest, issue of deregulation of the oil sector.