Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has announced an increment in the pump price of petrol from N143.80 to N151.56 per litre.
This was disclosed in an internal memo issued by the Pipeline and Product Marketing Company (PPMC), Ibadan depot, to all the stakeholders on September 2, and signed by the Depot Manager, D.O. Abalaka.
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.
This comes two months after Petroleum Products Pricing Regulatory Agency (PPPRA) has announced a new price band of N140.80 to N143.80 per litre for petrol.
PPPRA, in a circular dated July 1, 2020 to marketers, said;
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 per litre for the month of July 2020. All marketers are advised to operate within the indicative prices as advised by the PPPRA.
The rise in petrol price for July was reportedly due to the increase in global crude oil prices, as PMS had been deregulated.
More details to come.
