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 PUNCH reports.
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.
Just last month, another report revealed that petroleum marketers are pushing for the upward review of the Premium Motor Spirit N150 per litre for the month of August following increase in the prices of crude oil.
The Petroleum Products Pricing Regulatory Agency (PPPRA ) two months ago announced increase of the product to a band of N140.80 to N143.80 per litre.It was the first time the agency approved a new price after removal of petrol subsidy.
Prior to the July 1 hike, the agency had on May 1, approved price band of N121.50 to N123.50 per litre for the product.