Oil price rises from N138.62 to N151.56
Written by Taiwo Adediran on September 2, 2020
The Petroleum Products Marketing Company, a surbodinate of the Nigerian National Petroleum Corporation, has caused the ex-depot price of petrol also known as Premium Motor Spirit, to increase by N12.94 to N151.56 per litre from N138.62 per litre.
This was disclosed in an internal memorandum from Ibadan depot to all stakeholders with reference number PPMC/IB/LS/020 signed by D.O Abalaka on September 2.
The ex-depot price is the price at which the product is sold to marketers at the depots.
The memo, stated, “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.”