Petrol pump price rises to N151.56 per litre

The pump price of petrol has been increased to N151.56 per litre with effect from September 2, 2020. This was disclosed in an internal memo issued by the Pipeline and Product Marketing Company (PPMC), Ibadan depot, to all the stakeholders on September 2, 2020, and signed by the Depot Manager, D.O. Abalaka. The PPMC internal memo reads, ‘’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 2^nd September 2020.

This is coming barely a day after the Managing Director of 11 Plc (formerly Mobil Oil Nigeria Plc), Adetunji Oyebanji, who also doubles as the Chairman of the Major Oil Marketers Association of Nigeria, said that the pump price of petrol should be closer to N155 per litre. The marketers had been selling petrol at a retail price of between N148 and N150 per litre, while the Nigerian National Petroleum Corporation (NNPC) through its retail outlets have been selling at N145 per litre in August as the Petroleum Products Pricing Regulatory Agency (PPPRA) remained silent. Following the deregulation of the downstream sector and the removal of fuel subsidy by the Federal Government, the PPPRA had disclosed that it would on a monthly basis, advise the NNPC and the oil marketers on the guiding retail price at which petrol would be sold across the country.