Nigerians will pay between N168 and N170 for a litre of petrol from today as the new depot price for the product goes into effect.

The Petroleum Products Marketing Company (PPMC), a subsidiary of the NNPC, in a memo on 11 November set the ex-depot price of petrol to N155.17 per litre from N147.67 per litre.

The new price becomes effective today, according to the memo signed by Tijjani Ali.

An official of the Independent Petroleum Marketers Association of Nigeria, Mr Mike Osatuyi, said the over N7 increase in ex-depot price would translate into an increase in pump prices.

“The implication of the increase in the ex-depot price is that there is going to be an increase in the pump price. We are expecting the pump price to range from N168 to N170 per litre”.

Osatuyi spoke with The Punch.

The ex-depot price is the price at which the product is sold by the PPMC to marketers at the depots.