The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the ex-depot price of Premium Motor Spirit, also known as petrol, to N151.56 per litre from N138.62 per litre.
This was disclosed in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka.
The ex-depot price is the price at which the product is sold to marketers at the depots.
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.’’
This is coming barely a day after the Managing Director of 11 Plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, who also doubles as the Chairman of the Major Oil Marketers Association of Nigeria, said that the pump price of petrol should be closer to N155 per litre.
The marketers had been selling petrol at a retail price of between N148 and N150 per litre, while the Nigerian National Petroleum Corporation (NNPC) through its retail outlets have been selling at N145 per litre in August as the Petroleum Products Pricing Regulatory Agency (PPPRA) remained silent.