- The price of premium motor spirit has been increased to N151.56 per litre
- The increment of the product comes barely a month after petrol marketers pushed for the increase
- PPMC said the new price takes effect from Wednesday, September 2
The Pipelines and Product Marketing Company (PPMC) has said that the price of premium motor spirit popularly known as petrol has been increased to N151.56 per litre.
The development comes barely five months after the pump price of premium motor spirit was reduced to N123 per litre by the federal government.
According to the Nigerian Tribune, the disclosure was made in a memo released by PPMC and signed by D.O Abalaka, adding that the price takes effect from Wednesday, September 2.
The statement read: “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 (N151.56k) per litre."
Recall that petrol marketers in Nigeria were pushing for the increase of petrol to N150 per litre for the month of August.
Back in July, the Petroleum Products Pricing Regulatory Agency (PPPRA) announced an increase of the product to a band of N140.80 to N143.80 per litre.
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.
It was gathered that the marketers were seeking a further increase in the price owing to the soaring price of crude oil in the international market.
Meanwhile, Legit.ng earlier reported that for residents of Kano state, the pump price of petrol was put at N150 per litre, according to a new directive by the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in the state.
The directive was contained in a statement by the Kano state chapter of IPMAN, Bashir Danmallam.
Danmallam said the directive follows the new price modulation allegedly announced by the PPMC.
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