The Petroleum Products Marketing Company (PPMC) on Wednesday, announced an increase in the depot price of petrol (otherwise known as Premium Motor Spirit) from N138.62 per litre to N151.56 per litre.
With the increase, petrol price is expected to hit record high this September as price could go as high as N160 at the fuel stations for end consumers.
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PPMC, a subsidiary of the Nigerian National Petroleum Corporation, (NNPC) made the announcement in an internal memo from Ibadan depot to all stakeholders.
The memo seen by The New Diplomat was referenced: PPMC/IB/LS/020, dated September 2, 2020 and signed by D.O Abalaka.
The depot price is the price at which the product is sold to marketers at the depots.
The new price takes effect from Wednesday, 2nd of September, 2020.
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The memo said, “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.”
