The President Muhammadu Buhari-led Federal Government Wednesday increased the depot price of Premium Motor Spirit popularly known as petrol to N151.56 per litre.
This is expected to lead to an increase in the pump price of petrol nationwide.
This was disclosed by the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC).
PPMC, in a statement by D. O. Abalaka, said the pump price of petrol has increased to N151.56 per litre and effected accordingly.
According to him, “Please be informed that a new product price adjustment has been effected on our payment platform.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.
“This takes effect from September 2, 2020.”
The company directed all operators to abide accordingly.
READ ALSO:
Sanwo-Olu, FAAN Parley Ahead of Sept 5 International Flights’ Resumption
PPMC, in a statement by D. O. Abalaka, said the pump price of petrol has increased to N151.56 per litre and effected accordingly.
According to him, “Please be informed that a new product price adjustment has been effected on our payment platform.
“To this end, the price of Premium Motor Spirit (PMS) is now one hundred and fifty-one naira, fifty-six kobo (N151.56k) per litre.
“This takes effect from September 2, 2020.”
The company directed all operators to abide accordingly.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has directed its members in the Southwest region of the country to begin sales of the Premium Motor Spirit (PMS) popularly referred to as petrol at N162 per litre.
The southwest Zonal Chairman of IPMAN, Alhaji ‘Dele Tajudeen in a telephone chat with journalists in Abeokuta, the Ogun state capital, said his members would be left with no other option than to dispense the product at a price of N162.
Tajudeen said, the directive followed the increase in the deport loading price of the product by the federal government, which placed a new price regime of the product at N151. 56k.
He explained that since the federal government has decided and puts the price of the product at N151. 56k, IPMAN has no option than to sell at N162 to be able to meet up with the overhead cost.
Idowu Sowunmi
