The Petroleum Products Marketing Company, a subsidiary of the Nigerian National Petroleum Corporation, has again jerked the ex-depot price of Premium Motor Spirit, popularly known as petrol.
The product is to now sell at N151.56 per litre from N138.62 per litre, a difference of N12.94.
This was disclosed in an internal memo from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 dated September 2, 2020 and signed by D.O Abalaka.
The ex-depot price is the price at which the product is sold to marketers at the depots.
The memo, a copy of which was seen by our correspondent, 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.”
In June, the Petroleum Products Pricing Regulatory Agency, PPPRA, removed the cap on the pricing template for petrol.
The price of the product is now governed by market forces.