Again, FG increases petrol depot price to N151.56 per litre

Chinazor Megbolu |

In what has now become a monthly ritual, the Federal Government again has increased ex-depot price of Premium Motor Spirit (PMS) to N151.56 per litre.

The Petroleum Products Marketing Company (PPMC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC) on Wednesday announced that PMS, also known as petrol has been increased from N138.62 per litre to N151.56 per litre.

The agency explained the increase in the depot price in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020, and signed by Mr D.O Abalaka.

The memo stated the ex-depot price is the price, which the product is sold to marketers at the depots.

According to the memo; “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”