The Petroleum Products Marketing Company, an auxiliary of the Nigerian National Petroleum Corporation, has expanded the ex-warehouse cost of petroleum from N147.67 per liter to N155.17 per liter. This implies petroleum will presently begin selling at N168 to N170.
The PPMC unveiled this in an inward reminder with reference number PPMC/C/MK/003, dated November 11, 2020, and endorsed by Tijjani Ali. The reminder said the new ex-warehouse cost would produce results from Friday.
In its PMS value proposition for November, the PPMC put the arrival cost of petroleum at N128.89 per liter, up from N119.77 per liter in September/October. It said the assessed least siphon cost of the item would increment to N161.36 per liter from N153.86 per liter.
The N7 increment in ex-stop cost would convert into an expansion in siphon costs with retail costs expected to arrive at N170 per liter.
Following the liberation of petroleum costs in September, advertisers the nation over had changed their siphon costs to somewhere in the range of N158 and N162 per liter to mirror the expansion in worldwide oil costs.