Why Petrol Pump Price Was Increased To N151.56 Per Litre In Nigeria
On September 2, the pump price of Premium Motor Spirit (PMS) known better as petrol has been increased to N151.56 per litre.
This was issued by the Pipeline and Product Marketing Company (PPMC) in in an internal memo to all stakeholders on Wednesday and was signed by the Depot Manager, D.O. Abalaka at the Ibadan depot.
“Effective from September 2, 2020, note that a new product price adjustment has taken effect on all our platform. with this.. the new price of premium motor spirit (PMS) has been increased to one hundred and fifty-one naira, fifty-six kobo (N151.56) per litre,” the PPMC internal memo reads.
Just few days ago, Adetunji Oyebanji who happens to be the Managing Director of 11 Plc (formerly Mobil Oil Nigeria Plc) and also as the Chairman of the Major Oil Marketers Association of Nigeria revealed that the pump price of petrol should rise to N155 per litre.
Previously, the marketers sold its product at the retail price of between N148 and N150 per litre, while the Nigerian National Petroleum Corporation (NNPC) via its retail outlets sold at N145 per litre throughout August, and while this happened Petroleum Products Pricing Regulatory Agency (PPPRA) went silent about it.
Since the federal government removed fuel subsidy and the deregulation of the downstream sector, the PPPRA said that it would advice the NNPC and the the oil marketers on a monthly basis on the proper retail price at which petrol would be sold across the states of Nigeria.
A month ago, there was an increase of the pump price of petrol to N138.62 per litre for the month of August.