THERE are hard times ahead for Nigerians, as the Petroleum Products Marketing Company (PPMC) has increased the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N147.67 to N155.17.
The PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), stated that marketers would be selling to end users at N167 to N170 per litre.
The new adjustment takes effect from Friday, November 13, 2020.
This was contained in a memo dated November 11 signed by Ali Tijani of the PPMC.
The memo showed that the landing cost average for PMS has increased from N119 in September and October to N123 in November.
Similarly, the ex-coastal selling price for the month has also increased to N130 in November, from N125 in the previous months.
Just last September, the pump price of petrol was adjusted to N161 per litre, after the government increased the depot price from N138.62 per litre to N147.67.
With the new price, it is expected that the cost of living will skyrocket in the country, as there would be adjustments in prices of necessities of life to accommodate the new fuel price.
