The pump price of premium motor spirit (PMS) otherwise known as petrol has been increased by the Pipelines and Product Marketing Company (PPMC).
The new price from today September 2, 2020 is N151.56 per litre.
The new petrol pump price was disclosed in an internal memo issued by the Pipelines and Product Marketing Company and signed by D.O Abalaka.
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.”
The Petroleum Product Pricing Regulatory Agency (PPPRA) had in July recommended an upward review of the retail pump price of petrol from the previous N121.50 to between N140.80 and N143.80.
The statement, which was signed by Abdulkadir Saidu, PPPRA executive secretary, and seen by TheCable read:
“Please recall the provision for the establishment of a monthly price band within which petroleum marketers are expected to sell PMS at the retail stations, based on the existing price regime”.
“After a review of the prevailing market fundamentals in the month of June and considering marketers’ realistic operating costs, as much as practicable, we wish to advise a new PMS pump price band of N140.80 – N143.80/litre for the month of July 2020.”
The Federal Government had in March announced that the pump price of petrol would be determined by market forces, stating that how much Nigerians would pay would be largely determined by the international prices of crude oil.