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Nigerians could buy petrol for N158 per litre as FG increases price to N151.56

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NIGERIANS could purchase petrol also known as Premium Motor Spirit (PMS) for as much as N158 per litre as the Pipelines and Product Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) has increased pump price from N148 to N151.56k.

The new pump price was announced in a memo with reference number PPMC/IB/LS/020 issued on Wednesday by by D.O Abalaka of PPMC.

“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. This is effective from September 2, 2020,” the memo read.

A source at the NNPC told The ICIR that Nigerians could buy PMS for as much as N158 as the N151.56 increase is the depot price.

“It is true that the pump price has been increased, the source said, adding ” but  N151.56k is the depot price,  petroleum marketers would add theirs to it and that means it could be up to N158 per litre.

In June, the Petroleum Products Pricing Regulatory Agency (PPPRA)  announced a new pump price band of N121.50 to N123.50 per litre of petrol.

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At the time, it was the third time in three months that the pump price was adjusted.

In the wake of the outbreak of COVID-19 which affected prices of crude oil at the global markets, the agency announced a reduction in the pump price of PMS from N145 per litre to N125 and stated that  the retail price of petrol would be adjusted monthly to reflect current realities in the global crude oil market.

It would be recalled that about  two months ago, the Federal Government increased the petrol price from N140.80 to N143.80 per litre.

Reacting to the development, Ayodele Fayose,  a former Governor of Ekiti State in a tweet lamented that the Federal Government increased the fuel price when other countries are devising means to reduce the effect of COVID-19 on their citizens.

“Petrol is now N151.56. The increment was made when other countries are adopting measures to reduce the effects of COVID-19 lockdown on their citizens. Just in case those who led the Save Nigeria protests across Nigeria during PDP govt of Jonathan are not aware. I warned,” the former governor posted.

 

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Author profile

Lukman Abolade is an Investigative reporter with The ICIR. Reach out to him via labolade@icirnigeria.org, on twitter @AboladeLAA and FB @Correction94

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