The pump price of petrol is about to hit N170 per litre following a directive by Pipelines and Product Marketing Company (PPMC), fixing ex-depot price at N155.17 per litre.
The ex-depot price is the price at which petrol stations purchase their product from Federal Government approved depots.
The PPMC is a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
Petrol currently sells at N160 per litre in most filling stations. This price came in September when the PPMC raised the ex-depot price to N151.57 per litre.
The latest directive contained in a memo by Ali Tijani on the November 11, says the take off date for the new price regime is November 13.
In September following the hike in petrol price and the rise in electricity tariff, labour unions across the country mobilized for a strike which was called off at the last minute after a negotiation with the Federal Government.