The pump price of premium motor spirit (PMS) otherwise known as petrol has been increased to N151.56 per litre with effect from September 2, 2020.
This was disclosed in an internal memo which was seen by Nairametric and issued by the Pipeline and Product Marketing Company (PPMC), Ibadan depot, to all the stakeholders on September 2, 2020, and signed by the Depot Manager, D.O. Abalaka.
READ: CBN sets deadline for retrieval of N7.9 trillion bad notes
The PPMC internal memo reads, ‘’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 (N151.56) per litre. This is effective 2nd September 2020.
This is coming barely a day after the Managing Director of 11 Plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, who also doubles as the Chairman of the Major Oil Marketers Association of Nigeria, said that the pump price of petrol should be closer to N155 per litre.
READ: Minister of Petroleum explains reasons for subsidy removal
The marketers had been selling petrol at a retail price of between N148 and N150 per litre, while the Nigerian National Petroleum Corporation (NNPC) through its retail outlets have been selling at N145 per litre in August as the Petroleum Products Pricing Regulatory Agency (PPPRA) remained silent.
Download the Nairametrics News App
Following the deregulation of the downstream sector and the removal of fuel subsidy by the Federal Government, the PPPRA had disclosed that it would on a monthly basis, advise the NNPC and the oil marketers on the guiding retail price at which petrol would be sold across the country.
Nairametrics had about a month ago reported an increase of the pump price of petrol to N138.62 per litre for the month of August
You meant depot price?
ex-coastal price of pettol (pms)