The Petroleum Products Marketing Company, PPMC, has increased the ex-depot price of petrol from N138.62 to N151.56 per litre.
The ex-depot price is the price at which the product is sold to marketers.
The PPMC, a subsidiary of the Nigerian National Petroleum Corporation, NNPC, made this development known in a memo it sent pto industry stakeholders.
The memo reads in part, ”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.”
Recall that the Petroleum Products Pricing Regulatory Agency, PPPRA, had in June, 2020, removed the cap on the pricing template for petrol.
The price of the product is now governed by market forces.