The ex-depot price of Premium Motor Spirit, also known as petrol, has been increased from N138.62 per litre to N151.56 per litre by the Nigerian National Petroleum Corporation, NNPC.
The Petroleum Products Marketing Company, a subsidiary of NNPC announced this 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.
According to the Punch, 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.”