Petrol pump price increased to N151.56 per litre

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The pump price of premium motor spirit (PMS) otherwise known as petrol has been increased to N151.56 per litre with effect from today September 2, 2020.

 

This 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 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.

The South West chapter of Independent Petroleum Marketers Association of Nigeria has directed all its members in the zone to henceforth, increase the pump price of Premium Motor Spirit, otherwise known as petroleum to N162 per litre.
The official pump price had been N151.56k per litre.
IPMAN South-West Zonal chairman, 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.

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