The Petroleum Product Marketing Company a subsidiary of the Nigeria National Petroleum Corporation(NNPC) has announced an increases in the ex-depot price of Premium Motor Spirit from N138.62 to N151.56 per litre.
The ex-depot prize is the prize in which the product is sold to marketers at the depots and the new prize takes effect today.
This was contained in an international memo released from the Ibadan depot to all stakeholders and signed by D.O Abalaka.
The 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 (N151.56k) per litre. This is effective from September 2, 2020.”
This new iincrement comes two.months after the Petroleum Product Price Regulatory Agency increased the price band of the product from N140.80 – N143.80 per litre.
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